Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSSMS503 Mapping and Delivery Guide
Manage administration activities of a superannuation fund

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSSMS503 - Manage administration activities of a superannuation fund
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to apply organisational operational guidelines to administer the activities of a self-managed superannuation fund, including managing reporting compliance requirements, payments into and out of the fund and all other administrative activities related to the fund.It applies to individuals who have responsibility for ensuring that a range of administrative activities and legislative and organisational requirements are effectively implemented and managed.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

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.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Identify and manage legislative and organisational reporting requirements
  • Identify sources of information on legislative and organisational reporting requirements
  • Identify relevant legislative and organisational reporting requirements that impact on administrative processes and procedures
  • Seek specialist advice from other service providers on areas outside of knowledge area and authority limits to prepare reports required
  • Review accuracy, thoroughness and timing of reporting procedures against legislative and organisational requirements
  • Prepare necessary documentation that meets legislative and organisational reporting requirements
       
Element: Manage transactions
  • 2.1 Review trustee's instructions to confirm that transaction(s) can be undertaken and meet legislative, trust deed and organisational requirements
  • Liaise with external service providers, where relevant, to validate that trustee instructions have been implemented
  • Confirm monies received from investments are reinvested in accordance with trustee and trust deed instructions
  • Confirm accuracy and timelines of allocations, processing of contributions and rollovers and all other payments into fund are in accordance with legislative and operational guidelines
  • Reconcile contributions to ensure they have been allocated in accordance with trustee instructions
  • Review accuracy and timelines of benefit payments out of fund and action in accordance with legislative and operational guidelines
       
Element: Manage complaints
  • Confirm with trustee(s) details of their complaints regarding service provided internally or by external service provider
  • Respond to trustee in timely manner and in accordance with legislative and operational procedures
       
Element: Manage member records
  • 4.1 Review member's employment records to ensure currency of information on contributions
  • Process and review member statements and ensure supporting documentation is supplied when required
  • Issue and store copies of documentation to ensure compliance with organisational policy and procedures
       
Element: Ensure annual returns are lodged
  • Complete annual review process accurately, thoroughly and in time, in accordance with legislative and operational requirements
  • Complete trustee reporting, member reporting and insurance reporting accurately, thoroughly and in time, in accordance with legislative and operational requirements
  • Complete Australian Taxation Office (ATO) annual return and independent auditor report accurately, thoroughly and in time, in accordance with legislative and operational requirements
       


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify and manage legislative and organisational reporting requirements

1.1 Identify sources of information on legislative and organisational reporting requirements

1.2 Identify relevant legislative and organisational reporting requirements that impact on administrative processes and procedures

1.3 Seek specialist advice from other service providers on areas outside of knowledge area and authority limits to prepare reports required

1.4 Review accuracy, thoroughness and timing of reporting procedures against legislative and organisational requirements

1.5 Prepare necessary documentation that meets legislative and organisational reporting requirements

2. Manage transactions

2.1 Review trustee's instructions to confirm that transaction(s) can be undertaken and meet legislative, trust deed and organisational requirements

2.2 Liaise with external service providers, where relevant, to validate that trustee instructions have been implemented

2.3 Confirm monies received from investments are reinvested in accordance with trustee and trust deed instructions

2.4 Confirm accuracy and timelines of allocations, processing of contributions and rollovers and all other payments into fund are in accordance with legislative and operational guidelines

2.5 Reconcile contributions to ensure they have been allocated in accordance with trustee instructions

2.6 Review accuracy and timelines of benefit payments out of fund and action in accordance with legislative and operational guidelines

3. Manage complaints

3.1 Confirm with trustee(s) details of their complaints regarding service provided internally or by external service provider

3.2 Respond to trustee in timely manner and in accordance with legislative and operational procedures

4. Manage member records

4.1 Review member's employment records to ensure currency of information on contributions

4.2 Process and review member statements and ensure supporting documentation is supplied when required

4.3 Issue and store copies of documentation to ensure compliance with organisational policy and procedures

5. Ensure annual returns are lodged

5.1 Complete annual review process accurately, thoroughly and in time, in accordance with legislative and operational requirements

5.2 Complete trustee reporting, member reporting and insurance reporting accurately, thoroughly and in time, in accordance with legislative and operational requirements

5.3 Complete Australian Taxation Office (ATO) annual return and independent auditor report accurately, thoroughly and in time, in accordance with legislative and operational requirements

Evidence of the ability to:

prepare an annual report that complies with legislative and organisational reporting requirements

identify and liaise with other service providers as required to manage administration activities and settle disputes

manage trustee complaints regarding the internal or external services provided

process payments into and out of the fund according to legislative and organisational guidelines and basic accounting practices

reconcile transactions with fund accounts

produce a member statement.

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:

explain the organisational dispute resolution procedures

explain Australian Taxation Office (ATO) annual reporting requirements

describe external complaint handling procedures

describe legislative and organisational record-keeping and reporting requirements

explain the trust deed and legislative requirements in regards to managing the administration activities of a self-managed superannuation fund

identify the components of a superannuation rollover

identify the types of contributions

specify the documentation requirements of superannuation contributions or rollovers

identify and describe the consequences of incorrect allocation of member contributions

identify factors which may require further investigation

describe fund policy, investment objectives and guidelines

compare preservation rules (before and after July 1999)

explain the contributions caps

describe procedures for calculating and processing benefits.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify and manage legislative and organisational reporting requirements

1.1 Identify sources of information on legislative and organisational reporting requirements

1.2 Identify relevant legislative and organisational reporting requirements that impact on administrative processes and procedures

1.3 Seek specialist advice from other service providers on areas outside of knowledge area and authority limits to prepare reports required

1.4 Review accuracy, thoroughness and timing of reporting procedures against legislative and organisational requirements

1.5 Prepare necessary documentation that meets legislative and organisational reporting requirements

2. Manage transactions

2.1 Review trustee's instructions to confirm that transaction(s) can be undertaken and meet legislative, trust deed and organisational requirements

2.2 Liaise with external service providers, where relevant, to validate that trustee instructions have been implemented

2.3 Confirm monies received from investments are reinvested in accordance with trustee and trust deed instructions

2.4 Confirm accuracy and timelines of allocations, processing of contributions and rollovers and all other payments into fund are in accordance with legislative and operational guidelines

2.5 Reconcile contributions to ensure they have been allocated in accordance with trustee instructions

2.6 Review accuracy and timelines of benefit payments out of fund and action in accordance with legislative and operational guidelines

3. Manage complaints

3.1 Confirm with trustee(s) details of their complaints regarding service provided internally or by external service provider

3.2 Respond to trustee in timely manner and in accordance with legislative and operational procedures

4. Manage member records

4.1 Review member's employment records to ensure currency of information on contributions

4.2 Process and review member statements and ensure supporting documentation is supplied when required

4.3 Issue and store copies of documentation to ensure compliance with organisational policy and procedures

5. Ensure annual returns are lodged

5.1 Complete annual review process accurately, thoroughly and in time, in accordance with legislative and operational requirements

5.2 Complete trustee reporting, member reporting and insurance reporting accurately, thoroughly and in time, in accordance with legislative and operational requirements

5.3 Complete Australian Taxation Office (ATO) annual return and independent auditor report accurately, thoroughly and in time, in accordance with legislative and operational requirements

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 sources of information on legislative and organisational reporting requirements 
Identify relevant legislative and organisational reporting requirements that impact on administrative processes and procedures 
Seek specialist advice from other service providers on areas outside of knowledge area and authority limits to prepare reports required 
Review accuracy, thoroughness and timing of reporting procedures against legislative and organisational requirements 
Prepare necessary documentation that meets legislative and organisational reporting requirements 
2.1 Review trustee's instructions to confirm that transaction(s) can be undertaken and meet legislative, trust deed and organisational requirements 
Liaise with external service providers, where relevant, to validate that trustee instructions have been implemented 
Confirm monies received from investments are reinvested in accordance with trustee and trust deed instructions 
Confirm accuracy and timelines of allocations, processing of contributions and rollovers and all other payments into fund are in accordance with legislative and operational guidelines 
Reconcile contributions to ensure they have been allocated in accordance with trustee instructions 
Review accuracy and timelines of benefit payments out of fund and action in accordance with legislative and operational guidelines 
Confirm with trustee(s) details of their complaints regarding service provided internally or by external service provider 
Respond to trustee in timely manner and in accordance with legislative and operational procedures 
4.1 Review member's employment records to ensure currency of information on contributions 
Process and review member statements and ensure supporting documentation is supplied when required 
Issue and store copies of documentation to ensure compliance with organisational policy and procedures 
Complete annual review process accurately, thoroughly and in time, in accordance with legislative and operational requirements 
Complete trustee reporting, member reporting and insurance reporting accurately, thoroughly and in time, in accordance with legislative and operational requirements 
Complete Australian Taxation Office (ATO) annual return and independent auditor report accurately, thoroughly and in time, in accordance with legislative and operational requirements 

Forms

Assessment Cover Sheet

FNSSMS503 - Manage administration activities of a superannuation fund
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

FNSSMS503 - Manage administration activities of a superannuation fund

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: