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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Establish knowledge of client regarding self-managed superannuation funds
   • Advise client on features, structures and operations of self-managed superannuation fund
   • Inform client of roles played by trustee, specialist advisers and regulators
   • Inform client of process to appoint trustees and explain trustee duties, responsibilities and liabilities
   • Advise client of key issues and associated risks to be considered when evaluating self-managed superannuation fund applications
   • Advise client of steps required to establish self-managed superannuation fund
   • Explain to client process of winding up self-managed superannuation fund
2. Advise client on relevant legislative requirements
   • Identify sources of legislative information appropriate to self-managed superannuation funds
   • Advise client on legislative requirements that apply to self-managed superannuation fund
   • Advise client of role of principal regulator in managing self-managed superannuation funds
   • Inform client of ongoing legislative requirements to maintain compliant self-managed superannuation fund
   • Inform client of consequences of self-managed superannuation fund becoming non-compliant
3. Advise client on relevant operational requirements
   • Identify sources of operational information appropriate to self-managed superannuation funds
   • Advise on operational requirements that apply to client
   • Inform client regarding operation of trust deeds and ongoing deed amendment
   • Advise client of requirements for establishing investment strategy, considering investment restrictions for self-managed superannuation fund
   • Advise client of application of Superannuation Industry (Supervision) (SIS) Act preservation rules on fund monies
4. Identify and explain implications for contributions to client
   • Advise client on regulations regarding eligibility to contribute to self-managed superannuation fund
   • Advise client on contribution rules, including in specie contributions of business real property
   • Advise client on allocation of contributions to individual member accounts
   • Advise client to seek advice for higher level, specialist and/or comprehensive advice if required
5. Identify and explain implications for benefits to client
   • Explain requirements for accessing assets in self-managed superannuation funds for payments of benefits to client
   • Explain key features, characteristics and risks of different types of self-managed superannuation fund income streams to client
   • Explain process of setting up income stream from self-managed superannuation fund to client
   • Explain calculation and operation of member accounts in both accumulation and pension phases to client
   • Inform client of treatment of death benefits, including lump sum and pension issues

Performance Evidence

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.

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Knowledge Evidence

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.

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