Assessor Resource

FNSSMS411
Process self-managed superannuation contributions

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to receive and process superannuation contributions and rollovers into a self-managed superannuation fund (SMSF), ensuring that correct amounts are allocated to accounts and rectifying identified errors.

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

No licensing, legislative or certification requirements apply to this unit at the time of publication.

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.

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

process superannuation contributions into self-managed superannuation funds for at least three clients

process rollovers into self-managed superannuation funds for at least three clients.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative and regulatory requirements relating to processing self-managed superannuation contributions and rollovers, including:

privacy legislation and data protection laws, and their application

preservation rules before and after July 1999

fund policy, investment objectives and guidelines

organisational policies and procedures relating to:

establishing new accounts

obtaining contributions and rollovers, including via post, person, telephone and electronic format

reviewing, completing and processing member documentation

calculating and processing benefits

communicating processing information to members

types and sources of superannuation contributions and rollovers

documentation requirements of superannuation contributions and rollovers

consequences of incorrect allocation of member contributions

key components of fund requirements relevant to processing contributions

contributions caps, in the context of checking that contributions are within legal limits

methods for identifying potential errors in processing contributions and rollovers

components of a superannuation rollover

factors that may require further investigation in regard to superannuation contributions.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

organisational policies and procedures

documentation relating to members’ superannuation contributions and rollovers

organisational equipment, technology, software and consumables.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

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.

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

process superannuation contributions into self-managed superannuation funds for at least three clients

process rollovers into self-managed superannuation funds for at least three clients.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative and regulatory requirements relating to processing self-managed superannuation contributions and rollovers, including:

privacy legislation and data protection laws, and their application

preservation rules before and after July 1999

fund policy, investment objectives and guidelines

organisational policies and procedures relating to:

establishing new accounts

obtaining contributions and rollovers, including via post, person, telephone and electronic format

reviewing, completing and processing member documentation

calculating and processing benefits

communicating processing information to members

types and sources of superannuation contributions and rollovers

documentation requirements of superannuation contributions and rollovers

consequences of incorrect allocation of member contributions

key components of fund requirements relevant to processing contributions

contributions caps, in the context of checking that contributions are within legal limits

methods for identifying potential errors in processing contributions and rollovers

components of a superannuation rollover

factors that may require further investigation in regard to superannuation contributions.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

organisational policies and procedures

documentation relating to members’ superannuation contributions and rollovers

organisational equipment, technology, software and consumables.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
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 according to organisational policies and procedures, and check for eligibility 
Obtain and review contributions and rollovers according to organisational policies and procedures 
Identify contribution and rollover sources and types 
Identify potential errors in processing contributions and rollovers 
Process contributions and rollovers where there are no errors, according to fund guidelines 
Review and return documentation according to organisational policies and procedures, and seek required information where errors in contributions and documentation have been identified 
Action incomplete and incorrect contributions and rollovers according to fund guidelines 
Obtain required information, reconcile and process incomplete and incorrect contributions and rollovers 
Prepare reconciled contributions and rollovers for allocation into accounts according to organisational policies and procedures 
Allocate contributions and rollovers according to member requirements and organisational policies and procedures 
Complete documentation and processing according to fund requirements and organisational policies and procedures 
Generate receipt and confirmation for contributions and rollovers according to fund guidelines 
Check receipt and confirmation against member records according to fund guidelines 
Send receipt and confirmation to member according to organisational policies and procedures 

Forms

Assessment Cover Sheet

FNSSMS411 - Process self-managed superannuation contributions
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

FNSSMS411 - Process self-managed superannuation contributions

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: