Assessor Resource

FNSSMS401
Process self-managed superannuation contribution

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge involved in receiving and processing superannuation contributions and rollovers into a self-managed superannuation fund, ensuring correct monies are allocated to accounts and rectifying errors where these are identified.

It applies to individuals who, within their level of authority, apply specialised organisational knowledge and follow defined procedures to administer and process financial information.

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.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Receive contributions and rollovers, and process

1.1 Establish new accounts as required and check for eligibility

1.2 Receive contributions and rollovers via post, person, phone or electronic format and check accompanying documents to ensure information is complete and correct

1.3 Identify contribution and rollover sources and types

1.4 Identify any potential errors in processing contributions and rollovers

1.5 Process contributions and rollovers where there are no errors, according to fund guidelines

2. Identify and manage errors or non-completions

2.1 Return documentation or seek required information where errors in contributions and/or documentation have been identified

2.2 Action incomplete or incorrect contributions and rollovers according to fund guidelines

2.3 Reconcile incomplete or incorrect contributions and rollovers, and process when required information is obtained

3. Allocate contributions and rollovers according to type

3.1 Prepare reconciled contributions and/or rollovers for allocation into accounts

3.2 Allocate contributions and/or rollovers in accordance with member requirements

3.3 Complete documentation and processing according to fund requirements and procedures

4. Issue receipt or confirmation for contributions and rollovers according to fund guidelines

4.1 Generate receipt and confirmation for contributions and/or rollovers according to fund guidelines

4.2 Check receipt and confirmation against member records according to fund guidelines

4.3 Send receipt and confirmation to member according to fund guidelines

Evidence of the ability to:

process and reconcile contributions and rollovers for allocation to accounts

issue receipt and confirmation for contributions and rollovers according to fund requirements.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

discuss the application of privacy legislation

identify the components of a superannuation rollover

identify the types and sources of contributions and rollovers

specify the documentation requirements of superannuation contributions or rollovers

identify and describe the consequences of incorrect allocation of member contributions

identify factors which may require further investigation

describe fund policy, investment objectives and guidelines

compare preservation rules (before and after July 1999)

explain the contributions caps

describe procedures for calculating and processing benefits.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the self-managed superannuation field of work and include access to:

organisational financial records, policy and procedures

common office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Receive contributions and rollovers, and process

1.1 Establish new accounts as required and check for eligibility

1.2 Receive contributions and rollovers via post, person, phone or electronic format and check accompanying documents to ensure information is complete and correct

1.3 Identify contribution and rollover sources and types

1.4 Identify any potential errors in processing contributions and rollovers

1.5 Process contributions and rollovers where there are no errors, according to fund guidelines

2. Identify and manage errors or non-completions

2.1 Return documentation or seek required information where errors in contributions and/or documentation have been identified

2.2 Action incomplete or incorrect contributions and rollovers according to fund guidelines

2.3 Reconcile incomplete or incorrect contributions and rollovers, and process when required information is obtained

3. Allocate contributions and rollovers according to type

3.1 Prepare reconciled contributions and/or rollovers for allocation into accounts

3.2 Allocate contributions and/or rollovers in accordance with member requirements

3.3 Complete documentation and processing according to fund requirements and procedures

4. Issue receipt or confirmation for contributions and rollovers according to fund guidelines

4.1 Generate receipt and confirmation for contributions and/or rollovers according to fund guidelines

4.2 Check receipt and confirmation against member records according to fund guidelines

4.3 Send receipt and confirmation to member according to fund guidelines

Evidence of the ability to:

process and reconcile contributions and rollovers for allocation to accounts

issue receipt and confirmation for contributions and rollovers according to fund requirements.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

discuss the application of privacy legislation

identify the components of a superannuation rollover

identify the types and sources of contributions and rollovers

specify the documentation requirements of superannuation contributions or rollovers

identify and describe the consequences of incorrect allocation of member contributions

identify factors which may require further investigation

describe fund policy, investment objectives and guidelines

compare preservation rules (before and after July 1999)

explain the contributions caps

describe procedures for calculating and processing benefits.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the self-managed superannuation field of work and include access to:

organisational financial records, policy and procedures

common office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Establish new accounts as required and check for eligibility 
Receive contributions and rollovers via post, person, phone or electronic format and check accompanying documents to ensure information is complete and correct 
Identify contribution and rollover sources and types 
Identify any potential errors in processing contributions and rollovers 
Process contributions and rollovers where there are no errors, according to fund guidelines 
Return documentation or seek required information where errors in contributions and/or documentation have been identified 
Action incomplete or incorrect contributions and rollovers according to fund guidelines 
Reconcile incomplete or incorrect contributions and rollovers, and process when required information is obtained 
Prepare reconciled contributions and/or rollovers for allocation into accounts 
Allocate contributions and/or rollovers in accordance with member requirements 
Complete documentation and processing according to fund requirements and procedures 
Generate receipt and confirmation for contributions and/or rollovers according to fund guidelines 
Check receipt and confirmation against member records according to fund guidelines 
Send receipt and confirmation to member according to fund guidelines 

Forms

Assessment Cover Sheet

FNSSMS401 - Process self-managed superannuation contribution
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSSMS401 - Process self-managed superannuation contribution

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: