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Evidence Guide: FNSSMS514 - 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

 

FNSSMS514 - 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 for self-managed superannuation funds

  1. Identify roles of financial compliance regulatory bodies
  2. Identify and analyse legislation and regulations that specify compliance requirements
  3. Detail legislative and organisational reporting requirements
Identify roles of financial compliance regulatory bodies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and analyse legislation and regulations that specify compliance requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Detail legislative and organisational reporting requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assist in compliance audits

  1. Provide information for annual review and compliance reports to trustee according to organisational procedures
  2. Communicate required information to external auditors according to organisational procedures
  3. Collate and provide information for statutory documents to be prepared for submission to the ATO and ASIC
  4. File documents and records according to regulatory requirements and organisational procedures
Provide information for annual review and compliance reports to trustee according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate required information to external auditors according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Collate and provide information for statutory documents to be prepared for submission to the ATO and ASIC

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

File documents and records according to regulatory requirements and organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assist in confirming compliance requirements are met

  1. Review documentation and member communication and confirm compliance requirements are met
  2. Identify and report irregularities to required stakeholders
  3. Integrate new compliance requirements into work practices
Review documentation and member communication and confirm compliance requirements are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and report irregularities to required stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Integrate new compliance requirements into work practices

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare information for statutory reports

  1. Identify requirements for taxation returns and statutory reports
  2. Prepare statutory report information according to regulatory guidelines
  3. Assess and prepare necessary information to fund members and required external parties according to organisational procedures
Identify requirements for taxation returns and statutory reports

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare statutory report information according to regulatory guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess and prepare necessary information to fund members and required external parties according to organisational procedures

Completed
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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:

prepare documentation for at least three different funds to enable them to meet self-managed superannuation fund compliance requirements, and develop an annual tax return that meets regulatory requirements for at least one of the funds.

In the course of above, the candidate must:

prepare information according to self-managed superannuation fund compliance requirements

integrate new compliance requirements into work practices

provide supporting documentation that confirms compliance requirements are met.

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 compliance and reporting requirements for a self-managed superannuation fund under superannuation, taxation and corporations laws, including:

key features, compliance and reporting requirements of the Superannuation Industry (Supervision) [SIS] Act

critical aspects of taxation return requirements

relationship between actuary, auditor and trustee under the SIS Act and taxation legislation

regulatory guidelines relating to self-managed superannuation fund compliance reporting, including those of the Australian Taxation Office and Australian Securities and Investment Commission

organisational procedures and guidelines for:

providing information for annual review and compliance reports

preparing statutory reports and taxation returns

communicating with external auditors, fund members and other required external parties

obtaining information on financial transactions, contributions and benefits

filing documents and records

timeframe requirements for compliance reports and lodgement of statutory reports

consequences of non-compliance with reporting requirements

industry information to identify existing and recent changes to compliance requirements

role and legal implications of trust deeds and contracts in the context of self-managed superannuation funds

role, rights and responsibilities of trustees in compliance

relationship between trustees’ duties, rights, powers, liabilities and remedies.