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Elements and Performance Criteria

  1. Identify compliance requirements
  2. Facilitate compliance audits
  3. Assist in confirming compliance requirements are met
  4. Prepare information for statutory reports
  5. Implement quality assurance practices

Performance Evidence

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.


Knowledge Evidence

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.