List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Confirm trustee instructions | 1.1 Check trustee instructions to ensure they are in accordance with trust deeds and legislative requirements 1.2 Provide reports to trustee on appropriate steps to be taken to change structure of fund 1.3 Establish agreed timeframes for structural changes to occur 1.4 Obtain specialist advice to support structural change, if required 1.5 Review business sales agreement, where relevant |
2. Verify outstanding transactions | 2.1 Identify outstanding transactions according to trust deed requirements 2.2 Confirm processing of all outstanding transactions in accordance with agreed timeframes 2.3 Communicate with external parties to ensure transactions are processed and actioned within agreed timeframes |
3. Manage distribution of information to appropriate parties | 3.1 Make requests to trustees and service providers for payments, documentation and reports that relevant parties require 3.2 Provide reports to members and ensure receipt within specified timeframes 3.3 Complete relevant documentation and ensure it is signed by members within agreed timeframes 3.4 Communicate with and provide documentation to members pertaining to notification of structural changes in accordance with organisational and legislative requirements |
4. Manage distribution of fund assets | 4.1 Collect assets from investment service providers before structural changes occur 4.2 Distribute fund assets in compliance with legislative requirements 4.3 Ensure that fund assets are transferred by custodians and investment managers to new funds or distributed to relevant parties |
5. Manage documentation | 5.1 Complete reporting requirements according to legislative requirements 5.2 Wind up funds according to accounting principles 5.3 Provide necessary documentation and records to relevant parties |
Evidence of the ability to:
confirm trustee instructions using knowledge of trust deed requirements
demonstrate effective communication skills while interacting with others
identify and process outstanding transactions
apply basic accounting principles in managing funds
manage the distribution of fund assets
compile all legislative and organisational reporting 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:
describe types of specialist advice
explain the legislative and organisational reporting requirements for managing changes to a self-managed superannuation fund structure
describe business sales agreements
interpret trust deed requirements correctly.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the self-managed superannuation field of work and include access to:
organisational financial records
organisational policy and procedures
common office equipment, technology, software and consumables.
Assessors must satisfy NVR/AQTF assessor requirements.