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Evidence Guide: FNSSMS411 - Process self-managed superannuation contributions

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

 

FNSSMS411 - Process self-managed superannuation contributions

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 according to organisational policies and procedures, and check for eligibility
  2. Obtain and review contributions and rollovers according to organisational policies and procedures
  3. Identify contribution and rollover sources and types
  4. Identify 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 according to organisational policies and procedures, and check for eligibility

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain and review contributions and rollovers according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify contribution and rollover sources and types

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify 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:

 

 

 

 

 

 

 

Manage errors and non-completions

  1. Review and return documentation according to organisational policies and procedures, and seek required information where errors in contributions and documentation have been identified
  2. Action incomplete and incorrect contributions and rollovers according to fund guidelines
  3. Obtain required information, reconcile and process incomplete and incorrect contributions and rollovers
Review and return documentation according to organisational policies and procedures, and seek required information where errors in contributions and documentation have been identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Action incomplete and incorrect contributions and rollovers according to fund guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain required information, reconcile and process incomplete and incorrect contributions and rollovers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Allocate contributions and rollovers according to type

  1. Prepare reconciled contributions and rollovers for allocation into accounts according to organisational policies and procedures
  2. Allocate contributions and rollovers according to member requirements and organisational policies and procedures
  3. Complete documentation and processing according to fund requirements and organisational policies and procedures
Prepare reconciled contributions and rollovers for allocation into accounts according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Allocate contributions and rollovers according to member requirements and organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete documentation and processing according to fund requirements and organisational policies 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 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 organisational policies and procedures
Generate receipt and confirmation for contributions and 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 organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

process superannuation contributions into self-managed superannuation funds for at least three clients

process rollovers into self-managed superannuation funds for at least three clients.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative and regulatory requirements relating to processing self-managed superannuation contributions and rollovers, including:

privacy legislation and data protection laws, and their application

preservation rules before and after July 1999

fund policy, investment objectives and guidelines

organisational policies and procedures relating to:

establishing new accounts

obtaining contributions and rollovers, including via post, person, telephone and electronic format

reviewing, completing and processing member documentation

calculating and processing benefits

communicating processing information to members

types and sources of superannuation contributions and rollovers

documentation requirements of superannuation contributions and rollovers

consequences of incorrect allocation of member contributions

key components of fund requirements relevant to processing contributions

contributions caps, in the context of checking that contributions are within legal limits

methods for identifying potential errors in processing contributions and rollovers

components of a superannuation rollover

factors that may require further investigation in regard to superannuation contributions.