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Evidence Guide: FNSSMS401 - Process self-managed superannuation contribution

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSSMS401 - Process self-managed superannuation contribution

What evidence can you provide to prove your understanding of each of the following citeria?

Receive contributions and rollovers, and process

  1. Establish new accounts as required and check for eligibility
  2. Receive contributions and rollovers via post, person, phone or electronic format and check accompanying documents to ensure information is complete and correct
  3. Identify contribution and rollover sources and types
  4. Identify any potential errors in processing contributions and rollovers
  5. Process contributions and rollovers where there are no errors, according to fund guidelines
Establish new accounts as required and check for eligibility

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Receive contributions and rollovers via post, person, phone or electronic format and check accompanying documents to ensure information is complete and correct

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify contribution and rollover sources and types

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify any potential errors in processing contributions and rollovers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process contributions and rollovers where there are no errors, according to fund guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and manage errors or non-completions

  1. Return documentation or seek required information where errors in contributions and/or documentation have been identified
  2. Action incomplete or incorrect contributions and rollovers according to fund guidelines
  3. Reconcile incomplete or incorrect contributions and rollovers, and process when required information is obtained
Return documentation or seek required information where errors in contributions and/or documentation have been identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Action incomplete or incorrect contributions and rollovers according to fund guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reconcile incomplete or incorrect contributions and rollovers, and process when required information is obtained

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Allocate contributions and rollovers according to type

  1. Prepare reconciled contributions and/or rollovers for allocation into accounts
  2. Allocate contributions and/or rollovers in accordance with member requirements
  3. Complete documentation and processing according to fund requirements and procedures
Prepare reconciled contributions and/or rollovers for allocation into accounts

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Allocate contributions and/or rollovers in accordance with member requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete documentation and processing according to fund requirements and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Issue receipt or confirmation for contributions and rollovers according to fund guidelines

  1. Generate receipt and confirmation for contributions and/or rollovers according to fund guidelines
  2. Check receipt and confirmation against member records according to fund guidelines
  3. Send receipt and confirmation to member according to fund guidelines
Generate receipt and confirmation for contributions and/or rollovers according to fund guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check receipt and confirmation against member records according to fund guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Send receipt and confirmation to member according to fund guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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 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.

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.