Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to apply organisational operational guidelines to administer the activities of a self-managed superannuation fund, including managing reporting compliance requirements, payments into and out of the fund and all other administrative activities related to the fund.
It applies to individuals who have responsibility for ensuring that a range of administrative activities and legislative and organisational requirements are effectively implemented and managed.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Unit Sector
Self-managed superannuation
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify and manage legislative and organisational reporting requirements |
1.1 Identify sources of information on legislative and organisational reporting requirements 1.2 Identify relevant legislative and organisational reporting requirements that impact on administrative processes and procedures 1.3 Seek specialist advice from other service providers on areas outside of knowledge area and authority limits to prepare reports required 1.4 Review accuracy, thoroughness and timing of reporting procedures against legislative and organisational requirements 1.5 Prepare necessary documentation that meets legislative and organisational reporting requirements |
2. Manage transactions |
2.1 Review trustee's instructions to confirm that transaction(s) can be undertaken and meet legislative, trust deed and organisational requirements 2.2 Liaise with external service providers, where relevant, to validate that trustee instructions have been implemented 2.3 Confirm monies received from investments are reinvested in accordance with trustee and trust deed instructions 2.4 Confirm accuracy and timelines of allocations, processing of contributions and rollovers and all other payments into fund are in accordance with legislative and operational guidelines 2.5 Reconcile contributions to ensure they have been allocated in accordance with trustee instructions 2.6 Review accuracy and timelines of benefit payments out of fund and action in accordance with legislative and operational guidelines |
3. Manage complaints |
3.1 Confirm with trustee(s) details of their complaints regarding service provided internally or by external service provider 3.2 Respond to trustee in timely manner and in accordance with legislative and operational procedures |
4. Manage member records |
4.1 Review member's employment records to ensure currency of information on contributions 4.2 Process and review member statements and ensure supporting documentation is supplied when required 4.3 Issue and store copies of documentation to ensure compliance with organisational policy and procedures |
5. Ensure annual returns are lodged |
5.1 Complete annual review process accurately, thoroughly and in time, in accordance with legislative and operational requirements 5.2 Complete trustee reporting, member reporting and insurance reporting accurately, thoroughly and in time, in accordance with legislative and operational requirements 5.3 Complete Australian Taxation Office (ATO) annual return and independent auditor report accurately, thoroughly and in time, in accordance with legislative and operational requirements |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1, 1.2, 1.4, 2.1, 3.1, 3.2, 3.3, 4.1, 5.2, 5.3 |
|
Writing |
1.3, 4.1, 5.1-5.3 |
|
Oral Communication |
1.3, 2.2 |
|
Numeracy |
2.1-2.6, 5.2, 5.3 |
|
Navigate the world of work |
1.1-1.4, 2.2, 3.1-3.2, 4.1, 5.1-5.3 |
|
Interact with others |
1.3, 4.1 |
|
Get the work done |
1.4, 1.5, 2.1-2.6, 3.1-3.2, 4.1-4.3, 5.1-5.3 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSSMS503 Manage administration activities of a superannuation fund |
FNSSMS503A Manage administration activities of a superannuation fund |
Updated to meet Standards for Training Packages. Rewritten, reordered and clarified performance criteria. |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe