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. Establish knowledge of client regarding self-managed superannuation funds | 1.1 Advise client on features, structures and operations of self-managed superannuation fund 1.2 Inform client of roles played by trustee, specialist advisers and regulators 1.3 Inform client of process to appoint trustees and explain trustee duties, responsibilities and liabilities 1.4 Advise client of key issues and associated risks to be considered when evaluating self-managed superannuation fund applications 1.5 Advise client of steps required to establish self-managed superannuation fund 1.6 Explain to client process of winding up self-managed superannuation fund |
2. Advise client on relevant legislative requirements | 2.1 Identify sources of legislative information appropriate to self-managed superannuation funds 2.2 Advise client on legislative requirements that apply to self-managed superannuation fund 2.3 Advise client of role of principal regulator in managing self-managed superannuation funds 2.4 Inform client of ongoing legislative requirements to maintain compliant self-managed superannuation fund 2.5 Inform client of consequences of self-managed superannuation fund becoming non-compliant |
3. Advise client on relevant operational requirements | 3.1 Identify sources of operational information appropriate to self-managed superannuation funds 3.2 Advise on operational requirements that apply to client 3.3 Inform client regarding operation of trust deeds and ongoing deed amendment 3.4 Advise client of requirements for establishing investment strategy, considering investment restrictions for self-managed superannuation fund 3.5 Advise client of application of Superannuation Industry (Supervision) (SIS) Act preservation rules on fund monies |
4. Identify and explain implications for contributions to client | 4.1 Advise client on regulations regarding eligibility to contribute to self-managed superannuation fund 4.2 Advise client on contribution rules, including in specie contributions of business real property 4.3 Advise client on allocation of contributions to individual member accounts 4.4 Advise client to seek advice for higher level, specialist and/or comprehensive advice if required |
5. Identify and explain implications for benefits to client | 5.1 Explain requirements for accessing assets in self-managed superannuation funds for payments of benefits to client 5.2 Explain key features, characteristics and risks of different types of self-managed superannuation fund income streams to client 5.3 Explain process of setting up income stream from self-managed superannuation fund to client 5.4 Explain calculation and operation of member accounts in both accumulation and pension phases to client 5.5 Inform client of treatment of death benefits, including lump sum and pension issues |
Evidence of the ability to:
use effective communication and interpersonal skills to advise clients on the legislative and operational requirements to be considered for their self-managed superannuation funds including:
establishment and winding up
role and responsibilities of trustee.
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:
interpret and describe the application of Superannuation Industry (Supervision) (SIS) preservation rules and Australian Taxation Office (ATO) guidelines
outline the features, structure and operation of self-managed superannuation funds
establish the investment strategy for a self-managed superannuation fund
analyse and discuss the key issues to consider when evaluating self-managed superannuation funds
identify and interpret the legislative requirements to maintain a self-managed superannuation fund
describe the operations of trust deed and ongoing deed amendments
evaluate special self-managed superannuation fund investment strategies, including borrowing and lending restrictions
analyse the sole purpose test relating to appropriate and inappropriate self-managed superannuation fund investments
describe the steps required to establish a self-managed superannuation fund
discuss the winding up of a self-managed superannuation fund and transfer of benefits.
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:
organisation financial records
organisational policy and procedures
common office equipment, technology, industry software packages and consumables.
Assessors must satisfy NVR/AQTF assessor requirements.