Assessor Resource

FNSSUP422
Assist organisation to meet regulatory superannuation compliance requirements

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to assist an organisation to meet compliance requirements relevant to superannuation. It involves identifying and assisting the organisation to comply with the legislative requirements of the Australian Financial Complaints Authority (AFCA), Australian Prudential Regulation Authority (APRA), Australian Securities and Investments Commission (ASIC), Australian Taxation Office (ATO), and Australian Transaction Reports and Analysis Centre (AUSTRAC).

The unit applies to those who use specialised knowledge to evaluate complex information and compliance requirements to implement quality assurance practices.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements, including those of APRA, ASIC, ATO and AUSTRAC. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

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.

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:

provide support to ensure superannuation compliance requirements are met for an organisation on at least three different occasions.

In the course of the above, the candidate must:

prepare member communications according to compliance requirements, and information for statutory returns

implement quality assurance practices, including integrating new compliance requirements and processing checks.

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 and regulatory compliance requirements relating to:

superannuation industry

taxation

privacy

Australian Prudential Regulation Authority (APRA) Prudential Standards

corporations

compliance and reporting requirements, including timeframe requirements for compliance reports and the lodgement of statutory reports for:

APRA

Australian Securities and Investments Commission (ASIC)

Australian Taxation Office (ATO)

Australian Transaction Reports and Analysis Centre (AUSTRAC)

organisational policies and procedures relating to assisting organisations to meet regulatory superannuation compliance requirements

organisational quality assurance practices

roles of compliance regulatory bodies

role, rights and responsibilities of trustees regarding regulatory compliance

compliance responsibilities for fund administrators and consequences of non-compliance

legal implications of trust deeds and contracts

relationships between required personnel regarding information necessary for regulatory compliance activities, including:

actuary

auditor

trustee under superannuation legislation

requirements and procedures for preparing statutory reports and taxation returns

procedures for obtaining information on financial transactions, lost member records, contributions and benefits

consequences of incorrect processing of contributions or benefits and other member information

fraud deterrence practices.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

organisational equipment, technology, software and consumables

organisational financial records

organisational policies and procedures.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

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:

provide support to ensure superannuation compliance requirements are met for an organisation on at least three different occasions.

In the course of the above, the candidate must:

prepare member communications according to compliance requirements, and information for statutory returns

implement quality assurance practices, including integrating new compliance requirements and processing checks.

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 and regulatory compliance requirements relating to:

superannuation industry

taxation

privacy

Australian Prudential Regulation Authority (APRA) Prudential Standards

corporations

compliance and reporting requirements, including timeframe requirements for compliance reports and the lodgement of statutory reports for:

APRA

Australian Securities and Investments Commission (ASIC)

Australian Taxation Office (ATO)

Australian Transaction Reports and Analysis Centre (AUSTRAC)

organisational policies and procedures relating to assisting organisations to meet regulatory superannuation compliance requirements

organisational quality assurance practices

roles of compliance regulatory bodies

role, rights and responsibilities of trustees regarding regulatory compliance

compliance responsibilities for fund administrators and consequences of non-compliance

legal implications of trust deeds and contracts

relationships between required personnel regarding information necessary for regulatory compliance activities, including:

actuary

auditor

trustee under superannuation legislation

requirements and procedures for preparing statutory reports and taxation returns

procedures for obtaining information on financial transactions, lost member records, contributions and benefits

consequences of incorrect processing of contributions or benefits and other member information

fraud deterrence practices.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

organisational equipment, technology, software and consumables

organisational financial records

organisational policies and procedures.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Identify roles of compliance regulatory bodies 
Identify legislation and regulations determining compliance 
Identify reporting requirements of relevant legislation 
Provide information for annual review and compliance reports within required timeframes to compliance auditors 
Provide relevant stakeholders with required information 
Collate and prepare statutory reports required by regulatory bodies 
Store documents and records according to regulatory requirements and organisational policies and procedures 
Review documentation and confirm superannuation compliance requirements are met 
Review and confirm that organisational procedures and guidelines regarding superannuation compliance requirements are followed 
Review and record member communications and confirm that compliance requirements are met 
Communicate implications of compliance and non-compliance to member 
Maintain member documentation according to organisational procedures 
Report irregularities within required timeframes to required stakeholders according to legislative and organisational requirements 
Integrate new compliance requirements into work practices as required 
Identify organisational guidelines for preparing information for statutory reports 
Identify requirements for taxation returns and statutory reports 
Identify compliance requirements for required regulatory bodies 
Prepare information according to regulatory guidelines and organisational procedures 
Forward information to relevant internal and external parties 
Identify organisational quality assurance practices and make recommendations for improvement where required 
Implement system and process checks, and identify irregularities and potential fraudulent activity 
Identify best practice standards and integrate new compliance requirements into work practices as required 
Undertake training and professional development to maintain currency and develop own skills and knowledge 

Forms

Assessment Cover Sheet

FNSSUP422 - Assist organisation to meet regulatory superannuation compliance requirements
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSSUP422 - Assist organisation to meet regulatory superannuation compliance requirements

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: