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 compliance requirements

1.1 Identify roles of compliance regulatory bodies

1.2 Identify and analyse legislation and regulations that stipulates compliance requirements

1.3 Detail reporting requirements of relevant legislation

2. Assist in compliance audits as required

2.1 Provide information for annual review and compliance reports in timely manner to self-managed superannuation fund trustee (client)

2.2 Provide external auditors with required information

2.3 Collate and provide information to enable statutory returns to be prepared for submission to ATO

2.4 File documents and records according to regulatory requirements

3. Provide support to assist in ensuring compliance requirements are met

3.1 Review documentation to ensure compliance requirements are met

3.2 Review member communications to ensure compliance requirements are met

3.3 Report irregularities promptly to trustee (client)

3.4 Integrate new compliance requirements into work practices, as required

4. Prepare information for statutory reports

4.1 Describe requirements for taxation returns and statutory reports

4.2 Prepare information in accordance with regulatory guidelines including those of the ATO and ASIC

4.3 Assess and provide information necessary to members and relevant external parties

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 1.3, 2.3, 2.4, 3.1, 3.2, 3.4, 4.1, 4.2

• Interprets documentation from a variety of sources and reviews actions based on thorough and accurate interpretation of legislative and operational guidelines and procedures

Writing

2.1, 2.2, 2.3, 3.1, 3.3, 4.2

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

Oral Communication

2.2, 2.3

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

Numeracy

2.1, 2.2, 2.3, 3.1, 3.3, 4.1, 4.2

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

Navigate the world of work

2.3, 2.4, 3.1, 3.2, 3.4, 4.1-4.3

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

Interact with others

2.2, 2.3

• Selects and uses appropriate conventions and protocols to gain and provide information relevant to reporting and completing returns

Get the job done

1.1-1.3, 2.1, 2.3, 2.4, 3.1- 3.4, 4.1, 4.3

• Plans, organises and implements processes and procedures, aiming to complete them efficiently and to meet legislative requirements
• Applies systematic and analytical decision-making processes for complex and non-routine situations to decide on new requirements to be incorporated into systems or processes
• 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 

FNSSMS504 Meet self-managed superannuation fund compliance requirements

FNSSMS504A Meet self-managed superannuation fund compliance requirements

Updated to meet Standards for Training Packages.

Minor edits to clarify intent of performance criteria.

Equivalent unit

Release 

Comments 

Release 1

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