Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Establish knowledge of client regarding self-managed superannuation funds

1.1 Advise client on features, structures and operations of self-managed superannuation fund

1.2 Inform client of roles played by trustee, specialist advisers and regulators

1.3 Inform client of process to appoint trustees and explain trustee duties, responsibilities and liabilities

1.4 Advise client of key issues and associated risks to be considered when evaluating self-managed superannuation fund applications

1.5 Advise client of steps required to establish self-managed superannuation fund

1.6 Explain to client process of winding up self-managed superannuation fund

2. Advise client on relevant legislative requirements

2.1 Identify sources of legislative information appropriate to self-managed superannuation funds

2.2 Advise client on legislative requirements that apply to self-managed superannuation fund

2.3 Advise client of role of principal regulator in managing self-managed superannuation funds

2.4 Inform client of ongoing legislative requirements to maintain compliant self-managed superannuation fund

2.5 Inform client of consequences of self-managed superannuation fund becoming non-compliant

3. Advise client on relevant operational requirements

3.1 Identify sources of operational information appropriate to self-managed superannuation funds

3.2 Advise on operational requirements that apply to client

3.3 Inform client regarding operation of trust deeds and ongoing deed amendment

3.4 Advise client of requirements for establishing investment strategy, considering investment restrictions for self-managed superannuation fund

3.5 Advise client of application of Superannuation Industry (Supervision) (SIS) Act preservation rules on fund monies

4. Identify and explain implications for contributions to client

4.1 Advise client on regulations regarding eligibility to contribute to self-managed superannuation fund

4.2 Advise client on contribution rules, including in specie contributions of business real property

4.3 Advise client on allocation of contributions to individual member accounts

4.4 Advise client to seek advice for higher level, specialist and/or comprehensive advice if required

5. Identify and explain implications for benefits to client

5.1 Explain requirements for accessing assets in self-managed superannuation funds for payments of benefits to client

5.2 Explain key features, characteristics and risks of different types of self-managed superannuation fund income streams to client

5.3 Explain process of setting up income stream from self-managed superannuation fund to client

5.4 Explain calculation and operation of member accounts in both accumulation and pension phases to client

5.5 Inform client of treatment of death benefits, including lump sum and pension issues

Skill 

Performance  Criteria 

Description 

Reading

2.1, 3.1

• Accesses, comprehends and interprets complex documents with a high level of technical detail, assessing the accuracy and relevance of the detail

Writing

1.1-1.6, 2.1-2.5, 3.2-3.5, 4.1-4.4, 5.1-5.5

• Records and consolidates related information and organises content in a manner that supports the purposes and format of the document, using language and style appropriate for the audience

Oral Communication

1.1-1.6, 2.1-2.5, 3.2-3.5, 4.1-4.4, 5.1-5.5

• Presents information choosing language and register appropriate to the audience
• Asks questions and listens to responses from clients using appropriate register, vocabulary and paralinguistic features

Numeracy

1.1, 3.5, 4.2, 4.3, 5.3-5.5

• Extracts, comprehends and analyses mathematical information embedded in a range of complex documents and performs basic calculations related to superannuation funds

Navigate the world of work

2.1-2.5, 2.1-2.5, 3.1-3.5, 4.1-4.4, 5.1-5.5

• Accepts responsibility for providing advice according to requirements of own role and relevant legislation

Interact with others

1.1-1.6, 2.2-2.5, 3.2-3.5, 4.1-4.4, 5.1-5.5

• Uses a range of strategies and reads verbal and non-verbal signals to establish a sense of connection, build rapport and develop a business relationship with clients
• Selects and uses appropriate conventions and protocols when liaising or sharing information

Get the work done

1.1-1.6, 2.1-2.5, 3.1-3.5, 4.1-4.4, 5.1-5.5

• Plans, organises and implements tasks, aiming to achieve them efficiently and to meet needs of clients
• Applies systematic and analytical decision-making processes to give advice in complex and non-routine situations
• Uses the main features and functions of digital tools to complete work tasks and to access information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSSMS603 Apply legislative and operational requirements to advising in self-managed superannuation funds

FNSSMS603A Apply legislative and operational requirements to advising in self-managed superannuation funds

Updated to meet Standards for Training Packages.

Rewritten, reordered and clarified performance criteria.

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.