Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSSMS401A Mapping and Delivery Guide
Process self-managed superannuation contribution

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSSMS401A - Process self-managed superannuation contribution
Description This unit describes the functions involved in receiving self-managed superannuation contributions and ensuring correct funds are allocated to accounts. It encompasses the identification of contribution types and their processes, processes utilised to receive contributions, processes utilised to receive rolled over Eligible Termination Payments (ETP), processes utilised to identify and manage ETP errors and non-completions, processes to allocate contributions according to contribution type, and the ability to issue receipts and confirmations according to organisational guidelines.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit applies to job roles involving processing of self-managed superannuation contributions.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Identify types of contributions and their processes
  • Contribution sources and types are identified
  • Potential errors in processing contribution types are identified
       
Element: Receive contributions
  • New accounts are established as required and checked for eligibility
  • Contributions are received via post, person, phone or electronic format and accompanying documents checked to ensure information is complete and correct
  • Receipt is documented according to legislative requirements
  • Documentation is filed according to fund guidelines
  • Contributions are processed for banking according to fund guidelines
       
Element: Receive rolled over ETP
  • ETP contributions received are checked for rollover eligibility
  • Documentation is checked for completion and processed accordingly
       
Element: Identify and manage contribution and ETP errors or non-completions
  • Errors in contributions and/or documentation are identified
  • Documentation is returned or required information sought
  • Incomplete or incorrect contributions are actioned according to fund guidelines
  • Incomplete or incorrect contributions are reconciled and processed when required information is obtained
       
Element: Allocate contributions according to contribution type
  • Reconciled contributions are prepared for allocation into accounts
  • Contributions are allocated in accordance with member requirements
  • Documentation and processing is completed according to fund requirements and procedures
       
Element: Issue receipt/ confirmation for contributions according to fund guidelines
  • Receipt/confirmation is generated for contributions according to fund guidelines
  • Receipt/confirmation is checked against member records according to fund guidelines
  • Receipt/confirmation is sent to member according to fund guidelines
       


Evidence Required

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 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:

apply knowledge of contribution types and sources to establish and manage new accounts

receive ETP rollover payments, while checking for errors and omissions and reconcile contribution for allocation to accounts

issue receipt and confirmation for contributions according to fund requirements

identify consequences of incorrect allocation of member contributions

identify factors which may require further investigation

reconcile income against statements.

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 organisation 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

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

communication skills to:

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

perform basic calculations related to self-managed superannuation funds

use computer applications such as word processing, spreadsheets and databases

access and update account records electronically

access internet information

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

data analysis and interpretation skills

interpersonal skills to relate effectively within a team environment

organisational skills, including the ability to plan and sequence work

analytical skills for research and documentation

decision making and problem solving skills

teamwork skills

organisational skills, including the ability to plan and sequence work

Required knowledge

application of privacy legislation

components of a superannuation ETP

documentation requirements of ETPs

fraud deterrence practices

fund policies, objectives and guidelines

Government Member Benefit Protection Rules

knowledge of available products and services

preservation rules (before and after July 1999)

procedures for calculating and processing benefits

Reasonable Benefit Limits (RBL) regulations and impacts on taxation

taxation requirements and tax rates for ETPs under the Income Tax Assessment Act

taxation requirements for pension and annuity payments

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.

Contribution sources may include:

Australian Taxation Office (ATO)

members

nominated contributors such as spouses, family members

transfers and rollovers.

Errors in contributions and/or documentation may include:

member information does not correlate with fund records

member information is illegible or missing

payment does not correspond with documentation

signature is missing.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Contribution sources and types are identified 
Potential errors in processing contribution types are identified 
New accounts are established as required and checked for eligibility 
Contributions are received via post, person, phone or electronic format and accompanying documents checked to ensure information is complete and correct 
Receipt is documented according to legislative requirements 
Documentation is filed according to fund guidelines 
Contributions are processed for banking according to fund guidelines 
ETP contributions received are checked for rollover eligibility 
Documentation is checked for completion and processed accordingly 
Errors in contributions and/or documentation are identified 
Documentation is returned or required information sought 
Incomplete or incorrect contributions are actioned according to fund guidelines 
Incomplete or incorrect contributions are reconciled and processed when required information is obtained 
Reconciled contributions are prepared for allocation into accounts 
Contributions are allocated in accordance with member requirements 
Documentation and processing is completed according to fund requirements and procedures 
Receipt/confirmation is generated for contributions according to fund guidelines 
Receipt/confirmation is checked against member records according to fund guidelines 
Receipt/confirmation is sent to member according to fund guidelines 

Forms

Assessment Cover Sheet

FNSSMS401A - Process self-managed superannuation contribution
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSSMS401A - Process self-managed superannuation contribution

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: