Application
This unit describes the skills and knowledge involved in receiving and processing superannuation contributions and rollovers into a self-managed superannuation fund, ensuring correct monies are allocated to accounts and rectifying errors where these are identified.
It applies to individuals who, within their level of authority, apply specialised organisational knowledge and follow defined procedures to administer and process financial information.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Receive contributions and rollovers, and process | 1.1 Establish new accounts as required and check for eligibility 1.2 Receive contributions and rollovers via post, person, phone or electronic format and check accompanying documents to ensure information is complete and correct 1.3 Identify contribution and rollover sources and types 1.4 Identify any potential errors in processing contributions and rollovers 1.5 Process contributions and rollovers where there are no errors, according to fund guidelines |
2. Identify and manage errors or non-completions | 2.1 Return documentation or seek required information where errors in contributions and/or documentation have been identified 2.2 Action incomplete or incorrect contributions and rollovers according to fund guidelines 2.3 Reconcile incomplete or incorrect contributions and rollovers, and process when required information is obtained |
3. Allocate contributions and rollovers according to type | 3.1 Prepare reconciled contributions and/or rollovers for allocation into accounts 3.2 Allocate contributions and/or rollovers in accordance with member requirements 3.3 Complete documentation and processing according to fund requirements and procedures |
4. Issue receipt or confirmation for contributions and rollovers according to fund guidelines | 4.1 Generate receipt and confirmation for contributions and/or rollovers according to fund guidelines 4.2 Check receipt and confirmation against member records according to fund guidelines 4.3 Send receipt and confirmation to member according to fund guidelines |
Evidence of Performance
Evidence of the ability to:
process and reconcile contributions and rollovers for allocation to accounts
issue receipt and confirmation for contributions and rollovers according to fund requirements.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
To complete the unit requirements safely and effectively, the individual must:
discuss the application of privacy legislation
identify the components of a superannuation rollover
identify the types and sources of contributions and rollovers
specify the documentation requirements of superannuation contributions or rollovers
identify and describe the consequences of incorrect allocation of member contributions
identify factors which may require further investigation
describe fund policy, investment objectives and guidelines
compare preservation rules (before and after July 1999)
explain the contributions caps
describe procedures for calculating and processing benefits.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the self-managed superannuation field of work and include access to:
organisational financial records, policy and procedures
common office equipment, technology, software and consumables.
Assessors must satisfy NVR/AQTF assessor requirements.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1-1.4, 3.3, 4.2 | Understands and interprets documentation from a variety of sources in familiar texts of some complexity |
Writing | 3.3, 4.1, 4.3 | Records and consolidates information that is essentially technical and limited in scope and style |
Oral Communication | 2.1 | Understands oral text that is essentially technical and provides key information relevant to an exchange |
Numeracy | 1.2, 1.4, 1.5, 2.3, 3.1-3.3 | Extracts, interprets and comprehends mathematical information embedded in texts, updates account records and performs basic calculations electronically |
Navigate the world of work | 1.2, 2.2, 3.1- 3.3 | Takes personal responsibility for following policies, procedures and legislative requirements |
Get the work done | 1.1-1.4, 2.1-2.3, 3.1-3.3, 4.1-4.3 | Plans, organises and implements tasks, aiming to achieve them efficiently and effectively Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks and to find information |
Sectors
Self-managed superannuation