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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Identify compliance requirements
   • Identify roles of compliance regulatory bodies
   • Identify and analyse legislation and regulations that stipulates compliance requirements
   • Detail reporting requirements of relevant legislation
2. Assist in compliance audits as required
   • 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
3. Provide support to assist in ensuring compliance requirements are met
   • 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
4. Prepare information for statutory reports
   • 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

Performance Evidence

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.

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Knowledge Evidence

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.

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