Required skills

highly developed communication skills to

liaise with others share information using questioning and active listening as required

describe taxation concepts and consequences to clients in plain clear terms

use a range of interpersonal and communication skills to relate to a range of clients

use language and concepts appropriate to cultural differences

welldeveloped numeracy and IT skills to

utilise computers and a range of computer software systems

perform basic calculations related to superannuation funds

access and update account records electronically

access and use appropriate software such as word processors spreadsheets and databases

use internet information

highly developed literacy skills to read and interpret documentation from a variety of sources and record and consolidate related information

organisational skills including the ability to plan and sequence work

ability to research and comprehend selfmanaged superannuation fund operational guidelines

research and analysis for

accessing interpreting and managing complex information

researching and comprehending selfmanaged superannuation fund legislation

identifying relevant legislation and regulations relevant to each client

assessing the accuracy and relevance of information

selfmanagement skills for complying with ethical legal and procedural requirements

learning skills to maintain knowledge of changes to relevant legislation and requirements

problem solving skills to address compliance and related issues

judgement skills for forming recommendations in operational situations

management skills for working effectively in a constantly changing environment

Required knowledge

application of Superannuation Industry Supervision SIS preservation rules

allocation of contributions to individual member accounts

basic features structure and operation of selfmanaged superannuation funds

calculations and operation of member accounts in both accumulation and pension phases

establishing

life insurance through a selfmanaged superannuation fund

the investment strategy for a selfmanaged superannuation fund

fund reserves and how to access selfmanaged superannuation funds and benefit payments issues

key features characteristics and risks of different types of selfmanaged superannuation fund income streams

key issues to consider when evaluating selfmanaged superannuation funds

legislative requirements to maintain a selfmanaged superannuation fund

operations of trust deed and ongoing deed amendments

selfmanaged superannuation contribution rules including in specie requirements

setting up an income stream ie pension from a selfmanaged superannuation fund complying and non complying

special selfmanaged superannuation fund investment strategies including borrowinglending restrictions

sole purpose test appropriate and inappropriate selfmanaged superannuation fund investments

steps required to establish a selfmanaged superannuation fund

treatment of business real estate property

winding up a selfmanaged superannuation fundtransfer of benefits

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to

interpret and apply SIS preservation rules ATO guidelines and legislation

determine client understating regarding selfmanaged superannuation funds

identify and explain relevant fund operational requirements and implication for contributions

identify and explain implications for fund incomeassets and implications for benefits

Context of and specific resources for assessment

Assessment must ensure

competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment technology software and consumables

access to organisation financial records

access to organisational policies and procedures

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge The following examples in combination are appropriate for this unit

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports

setting and reviewing workplace business simulations or scenarios

Guidance information for assessment

Trustee duties and responsibilities may include:

Key issues in evaluating self-managed Superannuation applications, include:

Associated risks may include:

Sources of information may include:

Legislation may include, as amended:

Regulator/s may include:

Consequences of becoming non-compliant may include:

Operational of trust deed may include:

Investment restrictions may include:

Allowable contributions may include:

Deduction may include:

Credit may include:

Income streams may include: