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| The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. |
Savings and investment patterns are influenced by people's stage in the life cycle such as: | dual income families or well established employment and reducing family responsibilities and costsearly stages of family formation, with significant housing costsempty-nesters in pre-retirement with more significant savings opportunitiesretirees seeking to maximise income and, potentially, preserving capitalstudents working part-timeyoung people, new to the workforce, with limited income, high purchasing demands, potential Higher Education Contribution Scheme (HECS) debt. |
A range of savings and investment vehicles used for short and long term savings and investment includes: | longer term:superannuationpropertypersonal share portfoliosbondsshorter term:cash on depositfixed term cash managementmoney market investment accountChristmas club or other special event savings. |
The range of characteristics of superannuation in Australia includes: | 'salary sacrificing' and 'topping up' contributionsages at which people may access their superannuation savingsavailable tax concessions for self-employed people that take out superannuationcompulsory employer contributions as a percentage of earnings paid by employers as the superannuation guaranteecontributions made on behalf of a spouserole and responsibilities of scheme trusteestax arrangements for superannuation accounts. |
The regulators within the superannuation industry are: | Australian Prudential Regulation Authority (APRA)Australian Securities and Investments Commission (ASIC)Australian Taxation Office (ATO). |
Superannuation schemes include: | accumulation funds. |
The types of superannuation fund managers include: | employer or corporate fundsindustry fundsretail fundsself-managed funds. |
Investment strategies and choices include: | balancedcapital guaranteedcapital stablegrowth. |
Common items that will be found when checking superannuation Statements may include: | benefit details general details including:fund namemember name and date of birthdate the member joined the fundconfirmation tax file number receivedsummary of account details including:opening balancelist of contributionsdeductions including fees and withdrawals by the memberinvestment earningsrebatesclosing balance. |
Structures and techniques for the utilisation of superannuation funds on retirement include: | a combination of the aboveannuitieslump sum payment for further personal investmentsuperannuation funds may also be accessed early, under strict criteria, on 'compassionate grounds' which may include: medical grounds funeral and burial expenses the forced sale of a home by a mortgageesuperannuation pensions. |
Lost superannuation contributions occur when: | an employee changes job and the superannuation fund may lose track of the individual member. The ATO holds funds on behalf of lost superannuation members. Funds may be searched through the 'Lost Members Register'.NB superannuation accounts can be tracked using 'Superseeker' and similar on-line tools. |
Questions on superannuation issues for employer and fund providers may include: | what are the different employment options impacting on superannuation:wage and salary employeeself employedcontractorfull-time, part-time and casualmultiple employers. |