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. 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

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

• Interprets documentation from a variety of sources including data analysis, and reviews actions from thorough and accurate interpretation of legislative and operational guidelines and procedures

Writing

1.3, 4.1, 5.1-5.3

• Records and consolidates related information and constructs precise, concise reports for clients and colleagues

Oral Communication

1.3, 2.2

• Shares information using language and register appropriate to the audience
• Seeks information using active listening and questioning to clarify understanding

Numeracy

2.1-2.6, 5.2, 5.3

• Interprets and analyses mathematical information from complex reports and documents, and performs basic calculations related to self-managed superannuation funds to update accounts

Navigate the world of work

1.1-1.4, 2.2, 3.1-3.2, 4.1, 5.1-5.3

• Takes full responsibility for ensuring that documentation and processes comply with legislative and organisational policy and procedures

Interact with others

1.3, 4.1

• Selects and uses appropriate conventions and protocols when liaising with clients or colleagues
• Uses a range of strategies, including reading of verbal and non-verbal signals, to build rapport and connect with clients when handling sensitive issues

Get the work done

1.4, 1.5, 2.1-2.6, 3.1-3.2, 4.1-4.3, 5.1-5.3

• Employs a systematic approach to planning and managing own workload and specific tasks
• 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 

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

Release 

Comments 

Release 1

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