Application of the unit

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

Prerequisite units

ELEMENT

PERFORMANCE CRITERIA

1. Identify compliance requirements

1.1. The roles of compliance regulatory bodies are identified

1.2. The implications of compliance and non-compliance are clarified and explained to the customer

1.3. Legislation and regulations determining compliance are identified

1.4. The 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 APRA, ASIC and the ATO 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. Organisation procedures and guidelines are reviewed ensuring compliance requirements are followed

3.4. Irregularities are reported promptly to appropriate personnel

3.5. Work is conducted in accordance with legislative requirements

3.6. New compliance requirements are integrated into work practices as required

4. Prepare information for statutory reports

4.1. Organisation guidelines for preparing information for statutory reports are identified

4.2. Requirements for taxation returns and statutory reports are identified

4.3. Compliance requirements for ATO, APRA and ASIC are identified

4.4. Information is prepared in accordance with regulatory and organisation guidelines

4.5. Information is forwarded to relevant internal and/or external parties

5. Implement quality assurance practices

5.1. Organisation quality assurance practices are identified and recommendations for improvement are made

5.2. Member documentation is maintained in accordance with organisation requirements

5.3. System and process checks are implemented and any irregularities identified

5.4. Work is conducted in accordance with relevant legislation and regulations

5.5. Best practice standards are identified and incorporated into work practice

5.6. Training and professional development are undertaken to maintain currency and develop skills

Required skills

communication skills to:

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

use language and concepts appropriate to cultural differences

high level analytical and interpretative skills

research and analysis for accessing, interpreting and managing complex information

interpreting documentation

coordinating tasks

literacy skills to read and interpret documentation from a variety of sources and recording, gathering and consolidating financial information

numeracy and IT skills for:

making financial calculations

accessing and using appropriate software such as word processors, spreadsheets and databases

using internet information

problem solving skills to address compliance and other issues

interpersonal skills to relate effectively within a team environment

organisation skills, including the ability to plan and sequence work

change management skills to integrate new information and procedures

Required knowledge

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

timeframe requirements for compliance reports

compliance responsibilities for fund administrators

industry information sources on compliance changes

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

hierarchy of Commonwealth and State courts

features and obligations of trusts

legal implications of trust deeds and contracts

relationship between duties, rights, powers, liabilities and remedies

role, rights and responsibilities of trustees in compliance

circumstances in which advice should be sought

relationship between actuary/auditor and trustee under SIS

requirements and procedure for preparing statutory reports and taxation returns

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

timing requirements for the lodgement of statutory reports

Privacy Act obligations

fraud deterrence practices

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:

identify and understand the roles of compliance bodies and provide support to ensure compliance requirements

demonstrate knowledge requirements for ATO, APRA and ASIC and the consequences of non-compliance

prepare documentation according to compliance requirements

prepare member communications according to compliance requirements and information for statutory returns

identify new compliance requirements and integrate them into work practices

identify consequences of incorrect processing of contributions or benefits and other member information.

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

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.

Regulatory bodies may include:

APRA

ASIC

ATO

Superannuation Complaints Tribunal (SCT).

Legislation and regulations determining compliance may include:

Superannuation Industry (Supervision) (SIS) Act

Superannuation Industry (Supervision) Regulations

Financial Services Reform Act (FSRA)

Corporations Act

Income Tax Assessment Act

Superannuation Guarantee (Administration) Act (SGAA)

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

Retirement Savings Account Act

Superannuation (Resolution of Complaints) Act

Superannuation (Unclaimed Moneys and Lost Members) Act Family Law Legislation Amendment Superannuation Act

Insurance Act

Privacy Act

Anti-discrimination legislation (Commonwealth and State)

Trustee Acts or Trust Acts in each State and Territory

industrial legislation

stamp duty legislation

trade practices legislation

other relevant State and Commonwealth legislation.

Statutory reports may include:

APRA quarterly statements

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.

Organisation procedures may include:

best practice standards

codes of practice

documentation and filing procedures

internal communications

legislative requirements

regulatory requirements

system/computer procedures.

Requirements for taxation returns and statutory reports may include:

financial statements

return dates

signatures

specific details

supplementary reports

supporting evidence.

Unit sector

Superannuation

Competency field

Co-requisite units

Employability skills

This unit contains employability skills.