Assessor Resource

FNSSMS513
Manage administration activities of self-managed superannuation funds

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to apply organisational policies and procedures to administer the activities of a self-managed superannuation fund (SMSF). The activities include managing reporting compliance requirements, payments into and out of the funds, and all other administrative activities relating to self-managed superannuation funds.

The unit applies to those responsible for implementing and managing a range of administrative activities, and legislative and organisational requirements.

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:

manage administration activities of a superannuation fund for at least one member, including:

preparing an annual report that complies with legislative and organisational reporting requirements

processing payments into and out of the fund following legislative and organisational guidelines and basic accounting practices

identifying and liaising with other service providers as required to manage administration activities and settle disputes

producing a member statement.

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 record-keeping and reporting requirements relating to managing the administration activities of self-managed superannuation funds, including those relating to:

trustee reporting

member reporting

insurance reporting

Australian Taxation Office (ATO) annual reporting requirements

trust deeds

key components of fund policies, investment objectives and guidelines

organisational policies and procedures relating to managing administration activities of self-managed superannuation funds, including for:

communicating with external parties

communicating with trustees and members

dispute resolution

external complaint handling

annual review process

factors that may require further investigation

issuing and storing copies of documentation

content typically included in reporting documentation for self-managed superannuation funds including superannuation rollover and transfers

key components of member documentation, including pensions, lump sums, investment strategies, borrowing, insurance strategies and setting up reserves in a fund

consequences of incorrect allocation of member contributions

differences in preservation rules before and after July 1999

superannuation contributions and contributions caps relating to managing administration of self-managed superannuation funds

procedures for reconciling and processing 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 relating to managing administration activities of self-managed superannuation funds

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:

manage administration activities of a superannuation fund for at least one member, including:

preparing an annual report that complies with legislative and organisational reporting requirements

processing payments into and out of the fund following legislative and organisational guidelines and basic accounting practices

identifying and liaising with other service providers as required to manage administration activities and settle disputes

producing a member statement.

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 record-keeping and reporting requirements relating to managing the administration activities of self-managed superannuation funds, including those relating to:

trustee reporting

member reporting

insurance reporting

Australian Taxation Office (ATO) annual reporting requirements

trust deeds

key components of fund policies, investment objectives and guidelines

organisational policies and procedures relating to managing administration activities of self-managed superannuation funds, including for:

communicating with external parties

communicating with trustees and members

dispute resolution

external complaint handling

annual review process

factors that may require further investigation

issuing and storing copies of documentation

content typically included in reporting documentation for self-managed superannuation funds including superannuation rollover and transfers

key components of member documentation, including pensions, lump sums, investment strategies, borrowing, insurance strategies and setting up reserves in a fund

consequences of incorrect allocation of member contributions

differences in preservation rules before and after July 1999

superannuation contributions and contributions caps relating to managing administration of self-managed superannuation funds

procedures for reconciling and processing 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 relating to managing administration activities of self-managed superannuation funds

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
Identify legislative and organisational reporting requirements that impact on administrative processes and procedures 
Review and confirm required activity reporting against identified legislative and organisational requirements 
Seek specialist advice from external service providers on areas outside own knowledge area or authority limits 
Identify and prepare member documentation according to legislative and organisational reporting requirements 
Review trustee’s instructions to confirm that transaction can be undertaken and meets legislative, trust deed and organisational requirements 
Liaise with external service providers, where relevant, to validate that trustee instructions have been implemented 
Confirm that funds received from investments are reinvested according to trustee and trust deed instructions and organisational procedures 
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 
Reconcile contributions according to trustee instructions 
Review timelines of benefit payments out of fund and take required actions according to legislative guidelines and organisational procedures 
Confirm details of concern or complaint with trustee 
Respond to trustee concern or complaint in a timely manner and according to legislative requirements and operational procedures 
Engage with and discuss details of trustee concern or complaint with required stakeholders according to organisational procedures 
Action agreed solution to trustee concern or complaint according to organisational procedures 
Review member’s employment records and ensure currency of information on contributions 
Process and review member statements and ensure supporting documentation is supplied when required 
Issue and store copies of documentation to ensure compliance with organisational policies and procedures 
Complete annual review process according to legislative requirements and organisational policies and procedures 
Complete trustee reporting, member reporting and insurance reporting according to legislative requirements and organisational policies and procedures 
Complete Australian Taxation Office (ATO) annual taxation return and independent auditor report in required format for lodgement according to legislative requirements and organisational policies and procedures 
Process and review member statements and supply supporting documentation according to organisational policies and procedures 
Issue and store copies of documentation according to organisational policies and procedures 

Forms

Assessment Cover Sheet

FNSSMS513 - Manage administration activities of self-managed superannuation funds
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

FNSSMS513 - Manage administration activities of self-managed superannuation funds

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: