This unit has application to administration, trustees and auditory job roles.

ELEMENT

PERFORMANCE CRITERIA

1. Identify compliance requirements

1.1. Roles of compliance regulatory bodies are identified

1.2. Legislation and regulations determining compliance are identified

1.3. Reporting requirements of relevant legislation are identified

2. Assist in compliance audits as required

2.1. Information for annual review and compliance reports is provided in a timely manner

2.2. External auditors are provided with required information

2.3. Collation of information is provided to enable statutory returns to be prepared for submission to ATO and ASIC as required

2.4. Documents and records are stored according to regulatory requirements

3. Provide support to assist in ensuring compliance requirements are met

3.1. Documentation is reviewed to ensure that compliance requirements are met

3.2. Member communications are reviewed to ensure that compliance requirements are met

3.3. Irregularities are reported promptly to members

3.4. New compliance requirements are integrated into work practices of the fund as required

4. Prepare information for statutory reports

4.1. Requirements for taxation returns and statutory reports are identified

4.2. Compliance requirements for ATO and ASIC are identified

4.3. Information is prepared in accordance with regulatory guidelines

4.4. Information is forwarded to members and relevant external parties

Required skills

well-developed communication skills to:

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

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

perform calculations related to superannuation fund data

access and update account records electronically

use appropriate software such as word processors, spreadsheets and databases, superannuation specific software, accounting systems

use internet information

well-developed literacy skills to:

prepare business reports

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

interpersonal skills to relate effectively within a team environment

organisational skills, including the ability to plan and sequence work

high level analytical and interpretative skills

decision making and problem solving skills

change management skills to integrate new information and procedure

Required knowledge

circumstances in which advice should be sought

compliance responsibilities for fund administrators

features and obligations of trusts

features, compliance and reporting requirements of the Superannuation Industry (Supervision) (SIS) Act, Tax Act and other relevant legislation

fraud deterrence practices

industry information sources on compliance changes

organisation procedures and guidelines

organisation quality assurance practices

taxation return requirements

legal implications of trust deeds and contracts

Privacy Act obligations

procedure for obtaining information on financial transactions, lost member records, surcharge, contributions and benefits

professional conduct standards such as those covering disclosure, insider trading, false and misleading conduct

relationship between actuary/auditor and trustee under SIS

relationship between duties, rights, powers, liabilities and remedies

requirements and procedure for preparing statutory reports and taxation returns

role, rights and responsibilities of trustees in compliance

timeframe requirements for compliance reports

timing requirements for the lodgement of statutory reports

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:

understand the roles of compliance bodies and provide compliance reports in a timely manner

provide support to ensure compliance requirements and understand the consequences of non-compliance

prepare documentation according to compliance requirements

prepare member communications according to compliance requirements

prepare information for statutory returns

identify new compliance requirements and integrate them into work practices.

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

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.

Legislation and regulations determining compliance may include, as amended:

anti-discrimination legislation

Corporations Act

Family Law Legislation Amendment Superannuation Act

Financial Services Reform Act (FSRA)

Income Tax Assessment Act

industrial legislation

Insurance Act

Privacy Amendment Act (Private Sector) (the Privacy Act)

Retirement Savings Account Act

stamp duty legislation

Superannuation Contributions Tax (Assessment and Collection) Act (surcharge)

Superannuation Guarantee (Administration) Act (SGAA)

Superannuation Industry (Supervision) Act (SIS)

Superannuation Industry (Supervision) Regulations

trade practices legislation

Trustee Acts or Trust Acts in each State and Territory

other relevant State and Commonwealth legislation.

Statutory returns may include:

contributions and benefits tax

end of year tax returns

lost member reports

monthly Pay As You Go (PAYG) reports

monthly Reasonable Benefits Limit (RBL) reports

surcharge details

unclaimed monies.

Requirements for taxation returns and statutory reports may include:

financial statements

return dates

signatures

specific details

supplementary reports

supporting evidence.

Unit sector

Self-managed superannuation

This unit contains employability skills.