Assessor Resource

FNSSMS504
Meet self-managed superannuation fund compliance requirements

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to identify legislative requirements, assist in compliance audits and prepare statutory reports to meet Australian Taxation Office (ATO) and Australian Securities and Investments Commission (ASIC) self-managed superannuation compliance requirements.

It applies to individuals who use specialised knowledge to evaluate complex information and legislative requirements to ensure compliance obligations are met.

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. 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

Evidence of the ability to:

develop an annual return that meets the requirements of regulatory bodies

provide supporting documentation to ensure compliance requirements are met

prepare member communications according to compliance requirements

integrate new compliance requirements into work practices.

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:

describe the key features, compliance and reporting requirements of the Superannuation Industry (Supervision) (SIS) Act, taxation and other relevant legislation

compare and contrast the relationship between the actuary, auditor and trustee under the SIS Act and taxation legislation

outline the timeframe requirements for compliance reports and lodgement of statutory reports

describe the consequences of non-compliance

describe how to access sources of industry information to identify existing and any recent changes to compliance requirements

outline the critical aspects of taxation return requirements

discuss the legal implications of trust deeds and contracts

identify organisational procedures and guidelines for obtaining information on financial transactions, contributions and benefits

discuss the requirements and organisational procedures and guidelines for preparing statutory reports and taxation returns

describe the role, rights and responsibilities of trustees in compliance

discuss the relationship between the trustee's duties, rights, powers, liabilities and remedies.

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

organisational policy and procedures

special purpose tools, equipment, materials and industry software packages.

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. 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

Evidence of the ability to:

develop an annual return that meets the requirements of regulatory bodies

provide supporting documentation to ensure compliance requirements are met

prepare member communications according to compliance requirements

integrate new compliance requirements into work practices.

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:

describe the key features, compliance and reporting requirements of the Superannuation Industry (Supervision) (SIS) Act, taxation and other relevant legislation

compare and contrast the relationship between the actuary, auditor and trustee under the SIS Act and taxation legislation

outline the timeframe requirements for compliance reports and lodgement of statutory reports

describe the consequences of non-compliance

describe how to access sources of industry information to identify existing and any recent changes to compliance requirements

outline the critical aspects of taxation return requirements

discuss the legal implications of trust deeds and contracts

identify organisational procedures and guidelines for obtaining information on financial transactions, contributions and benefits

discuss the requirements and organisational procedures and guidelines for preparing statutory reports and taxation returns

describe the role, rights and responsibilities of trustees in compliance

discuss the relationship between the trustee's duties, rights, powers, liabilities and remedies.

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

organisational policy and procedures

special purpose tools, equipment, materials and industry software packages.

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
Identify roles of compliance regulatory bodies 
Identify and analyse legislation and regulations that stipulates compliance requirements 
Detail reporting requirements of relevant legislation 
Provide information for annual review and compliance reports in timely manner to self-managed superannuation fund trustee (client) 
Provide external auditors with required information 
Collate and provide information to enable statutory returns to be prepared for submission to ATO 
File documents and records according to regulatory requirements 
Review documentation to ensure compliance requirements are met 
Review member communications to ensure compliance requirements are met 
Report irregularities promptly to trustee (client) 
Integrate new compliance requirements into work practices, as required 
Describe requirements for taxation returns and statutory reports 
Prepare information in accordance with regulatory guidelines including those of the ATO and ASIC 
Assess and provide information necessary to members and relevant external parties 

Forms

Assessment Cover Sheet

FNSSMS504 - Meet self-managed superannuation fund compliance requirements
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

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Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSSMS504 - Meet self-managed superannuation fund compliance requirements

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: