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Evidence Guide: FNSSMS504 - Meet self-managed superannuation fund compliance requirements

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

 

FNSSMS504 - Meet self-managed superannuation fund compliance requirements

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

Identify compliance requirements

  1. Identify roles of compliance regulatory bodies
  2. Identify and analyse legislation and regulations that stipulates compliance requirements
  3. Detail reporting requirements of relevant legislation
Identify roles of compliance regulatory bodies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and analyse legislation and regulations that stipulates compliance requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Detail reporting requirements of relevant legislation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assist in compliance audits as required

  1. Provide information for annual review and compliance reports in timely manner to self-managed superannuation fund trustee (client)
  2. Provide external auditors with required information
  3. Collate and provide information to enable statutory returns to be prepared for submission to ATO
  4. File documents and records according to regulatory requirements
Provide information for annual review and compliance reports in timely manner to self-managed superannuation fund trustee (client)

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide external auditors with required information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Collate and provide information to enable statutory returns to be prepared for submission to ATO

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

File documents and records according to regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide support to assist in ensuring compliance requirements are met

  1. Review documentation to ensure compliance requirements are met
  2. Review member communications to ensure compliance requirements are met
  3. Report irregularities promptly to trustee (client)
  4. Integrate new compliance requirements into work practices, as required
Review documentation to ensure compliance requirements are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review member communications to ensure compliance requirements are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report irregularities promptly to trustee (client)

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Integrate new compliance requirements into work practices, as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare information for statutory reports

  1. Describe requirements for taxation returns and statutory reports
  2. Prepare information in accordance with regulatory guidelines including those of the ATO and ASIC
  3. Assess and provide information necessary to members and relevant external parties
Describe requirements for taxation returns and statutory reports

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare information in accordance with regulatory guidelines including those of the ATO and ASIC

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess and provide information necessary to members and relevant external parties

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. 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

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. 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 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.

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.