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

FNSSMS514 Mapping and Delivery Guide
Meet self-managed superannuation fund compliance requirements

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSSMS514 - Meet self-managed superannuation fund compliance requirements
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to identify compliance requirements, assist in compliance audits, and prepare statutory reports to meet Australian Taxation Office (ATO) and Australian Securities and Investment Commission (ASIC) self-managed superannuation fund compliance requirements.The unit applies to those who use specialised knowledge to evaluate complex information and legislative and organisational requirements to ensure compliance obligations are met.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

self-managed superannuation fund financial records

organisational policies and procedures

organisational tools, equipment, materials and industry software packages.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
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 compliance requirements for self-managed superannuation funds
  • Identify roles of financial compliance regulatory bodies
  • Identify and analyse legislation and regulations that specify compliance requirements
  • Detail legislative and organisational reporting requirements
       
Element: Assist in compliance audits
  • Provide information for annual review and compliance reports to trustee according to organisational procedures
  • Communicate required information to external auditors according to organisational procedures
  • Collate and provide information for statutory documents to be prepared for submission to the ATO and ASIC
  • File documents and records according to regulatory requirements and organisational procedures
       
Element: Assist in confirming compliance requirements are met
  • Review documentation and member communication and confirm compliance requirements are met
  • Identify and report irregularities to required stakeholders
  • Integrate new compliance requirements into work practices
       
Element: Prepare information for statutory reports
  • Identify requirements for taxation returns and statutory reports
  • Prepare statutory report information according to regulatory guidelines
  • Assess and prepare necessary information to fund members and required external parties according to organisational procedures
       


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 candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

prepare documentation for at least three different funds to enable them to meet self-managed superannuation fund compliance requirements, and develop an annual tax return that meets regulatory requirements for at least one of the funds.

In the course of above, the candidate must:

prepare information according to self-managed superannuation fund compliance requirements

integrate new compliance requirements into work practices

provide supporting documentation that confirms compliance requirements are met.

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] Act

critical aspects of taxation return requirements

relationship between actuary, auditor and trustee under the SIS Act and taxation legislation

regulatory guidelines relating to self-managed superannuation fund compliance reporting, including those of the Australian Taxation Office and Australian Securities and Investment Commission

organisational procedures and guidelines for:

providing information for annual review and compliance reports

preparing statutory reports and taxation returns

communicating with external auditors, fund members and other required external parties

obtaining information on financial transactions, contributions and benefits

filing documents and records

timeframe requirements for compliance reports and lodgement of statutory reports

consequences of non-compliance with reporting requirements

industry information to identify existing and recent changes to compliance requirements

role and legal implications of trust deeds and contracts in the context of self-managed superannuation funds

role, rights and responsibilities of trustees in compliance

relationship between trustees’ duties, rights, powers, liabilities and remedies.

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.
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
Identify roles of financial compliance regulatory bodies 
Identify and analyse legislation and regulations that specify compliance requirements 
Detail legislative and organisational reporting requirements 
Provide information for annual review and compliance reports to trustee according to organisational procedures 
Communicate required information to external auditors according to organisational procedures 
Collate and provide information for statutory documents to be prepared for submission to the ATO and ASIC 
File documents and records according to regulatory requirements and organisational procedures 
Review documentation and member communication and confirm compliance requirements are met 
Identify and report irregularities to required stakeholders 
Integrate new compliance requirements into work practices 
Identify requirements for taxation returns and statutory reports 
Prepare statutory report information according to regulatory guidelines 
Assess and prepare necessary information to fund members and required external parties according to organisational procedures 

Forms

Assessment Cover Sheet

FNSSMS514 - Meet self-managed superannuation fund compliance requirements
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

FNSSMS514 - Meet self-managed superannuation fund compliance requirements

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: