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Elements and Performance Criteria
Performance Evidence
Knowledge Evidence
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] Actcritical aspects of taxation return requirementsrelationship between actuary, auditor and trustee under the SIS Act and taxation legislationregulatory guidelines relating to self-managed superannuation fund compliance reporting, including those of the Australian Taxation Office and Australian Securities and Investment Commissionorganisational procedures and guidelines for:providing information for annual review and compliance reportspreparing statutory reports and taxation returnscommunicating with external auditors, fund members and other required external partiesobtaining information on financial transactions, contributions and benefitsfiling documents and recordstimeframe requirements for compliance reports and lodgement of statutory reportsconsequences of non-compliance with reporting requirementsindustry information to identify existing and recent changes to compliance requirementsrole and legal implications of trust deeds and contracts in the context of self-managed superannuation fundsrole, rights and responsibilities of trustees in compliancerelationship between trustees’ duties, rights, powers, liabilities and remedies.