FNSSMS514 — Meet self-managed superannuation fund compliance requirements

Elements & performance criteria

Performance evidence

• 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.
• 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.

Knowledge evidence

• 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.

Foundation skills

• Numeracy: • Interprets and analyses mathematical information from complex reports • Performs and documents basic calculations relating to self-managed superannuation fund data
• Oral communication: • Provides required information using language and register appropriate to audience and purpose • Uses active listening and questioning techniques to seek information and confirm understanding
• Reading: • Interprets documentation from a variety of sources and reviews actions based on thorough and accurate interpretation of legislative requirements and organisational procedures
• Writing: • Records and consolidates related information • Constructs precise, concise reports for fund members and colleagues
• Initiative and enterprise: • Selects and uses appropriate conventions and protocols to gain and provide information relevant to reporting and completing returns
• Planning and organising: • Plans, organises and implements processes and procedures, aiming to complete them efficiently and to meet legislative requirements
• Problem solving: • Applies systematic and analytical decision-making processes for complex and non-routine situations to decide on new requirements to be incorporated into own work practices
• Self-management: • Takes responsibility for ensuring that reporting documentation and processes comply with legislative requirements and organisational procedures
• Technology: • Uses the main features and functions of digital tools to complete work tasks and to access information

Unit content sourced from training.gov.au — © Commonwealth of Australia, licensed under CC BY 4.0. Auditori is not affiliated with the Department of Employment and Workplace Relations.

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