Application
This unit describes the skills and knowledge required to identify legislative requirements, assist in compliance audits and prepare statutory reports to meet Australian Taxation Office (ATO) and Australian Securities and Investments Commission (ASIC) self-managed superannuation compliance requirements.
It applies to individuals who use specialised knowledge to evaluate complex information and legislative requirements to ensure compliance obligations are met.
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. Identify compliance requirements | 1.1 Identify roles of compliance regulatory bodies 1.2 Identify and analyse legislation and regulations that stipulates compliance requirements 1.3 Detail reporting requirements of relevant legislation |
2. Assist in compliance audits as required | 2.1 Provide information for annual review and compliance reports in timely manner to self-managed superannuation fund trustee (client) 2.2 Provide external auditors with required information 2.3 Collate and provide information to enable statutory returns to be prepared for submission to ATO 2.4 File documents and records according to regulatory requirements |
3. Provide support to assist in ensuring compliance requirements are met | 3.1 Review documentation to ensure compliance requirements are met 3.2 Review member communications to ensure compliance requirements are met 3.3 Report irregularities promptly to trustee (client) 3.4 Integrate new compliance requirements into work practices, as required |
4. Prepare information for statutory reports | 4.1 Describe requirements for taxation returns and statutory reports 4.2 Prepare information in accordance with regulatory guidelines including those of the ATO and ASIC 4.3 Assess and provide information necessary to members and relevant external parties |
Evidence of Performance
Evidence of the ability to:
develop an annual return that meets the requirements of regulatory bodies
provide supporting documentation to ensure compliance requirements are met
prepare member communications according to compliance requirements
integrate new compliance requirements into work practices.
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:
describe the key features, compliance and reporting requirements of the Superannuation Industry (Supervision) (SIS) Act, taxation and other relevant legislation
compare and contrast the relationship between the actuary, auditor and trustee under the SIS Act and taxation legislation
outline the timeframe requirements for compliance reports and lodgement of statutory reports
describe the consequences of non-compliance
describe how to access sources of industry information to identify existing and any recent changes to compliance requirements
outline the critical aspects of taxation return requirements
discuss the legal implications of trust deeds and contracts
identify organisational procedures and guidelines for obtaining information on financial transactions, contributions and benefits
discuss the requirements and organisational procedures and guidelines for preparing statutory reports and taxation returns
describe the role, rights and responsibilities of trustees in compliance
discuss the relationship between the trustee's duties, rights, powers, liabilities and remedies.
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
organisational policy and procedures
special purpose tools, equipment, materials and industry software packages.
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, 1.2, 1.3, 2.3, 2.4, 3.1, 3.2, 3.4, 4.1, 4.2 | Interprets documentation from a variety of sources and reviews actions based on thorough and accurate interpretation of legislative and operational guidelines and procedures |
Writing | 2.1, 2.2, 2.3, 3.1, 3.3, 4.2 | Records and consolidates related information and constructs precise, concise reports for clients and colleagues |
Oral Communication | 2.2, 2.3 | Provides required information using language and register appropriate to the audience Seeks information using active listening and questioning to clarify understanding |
Numeracy | 2.1, 2.2, 2.3, 3.1, 3.3, 4.1, 4.2 | Interprets and analyses mathematical information from complex reports, and documents and performs basic calculations related to self-managed superannuation fund data |
Navigate the world of work | 2.3, 2.4, 3.1, 3.2, 3.4, 4.1-4.3 | Takes full responsibility for ensuring that documentation and processes regarding reporting comply with legislative and organisational policy and procedures |
Interact with others | 2.2, 2.3 | Selects and uses appropriate conventions and protocols to gain and provide information relevant to reporting and completing returns |
Get the job done | 1.1-1.3, 2.1, 2.3, 2.4, 3.1- 3.4, 4.1, 4.3 | Plans, organises and implements processes and procedures, aiming to complete them efficiently and to meet legislative requirements Applies systematic and analytical decision-making processes for complex and non-routine situations to decide on new requirements to be incorporated into systems or processes Uses the main features and functions of digital tools to complete work tasks and to access information |
Sectors
Self-managed superannuation