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:
prepare documentation for at least three different funds to enable them to meet self-managed superannuation fund compliance requirements, and develop an annual tax return that meets regulatory requirements for at least one of the funds.
In the course of above, the candidate must:
prepare information according to self-managed superannuation fund compliance requirements
integrate new compliance requirements into work practices
provide supporting documentation that confirms compliance requirements are met.
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 compliance and reporting requirements for a self-managed superannuation fund under superannuation, taxation and corporations laws, including:
key features, compliance and reporting requirements of the Superannuation Industry (Supervision) [SIS] Act
critical aspects of taxation return requirements
relationship between actuary, auditor and trustee under the SIS Act and taxation legislation
regulatory guidelines relating to self-managed superannuation fund compliance reporting, including those of the Australian Taxation Office and Australian Securities and Investment Commission
organisational procedures and guidelines for:
providing information for annual review and compliance reports
preparing statutory reports and taxation returns
communicating with external auditors, fund members and other required external parties
obtaining information on financial transactions, contributions and benefits
filing documents and records
timeframe requirements for compliance reports and lodgement of statutory reports
consequences of non-compliance with reporting requirements
industry information to identify existing and recent changes to compliance requirements
role and legal implications of trust deeds and contracts in the context of self-managed superannuation funds
role, rights and responsibilities of trustees in compliance
relationship between trustees’ duties, rights, powers, liabilities and remedies.
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:
self-managed superannuation fund financial records
organisational policies and procedures
organisational tools, equipment, materials and industry software packages.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.