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

FNSSUP402 Mapping and Delivery Guide
Assist in meeting superannuation compliance requirements

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSSUP402 - Assist in meeting superannuation compliance requirements
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to assist the organisation to meet compliance requirements relevant to superannuation. It encompasses the identification of legislative and regulatory compliance requirements of the Australian Taxation Office (ATO), Australian Prudential Regulation Authority (APRA), Australian Transaction Reports and Analysis Centre (AUSTRAC) and Australian Securities and Investments Commission (ASIC).It applies to individuals 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. 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 superannuation field of work and include access to:

common office equipment, technology, software and consumables

organisational financial records

organisational policy and procedures.

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 compliance requirements
  • Identify the roles of compliance regulatory bodies
  • Identify the legislation and regulations determining compliance
  • Identify the reporting requirements of relevant legislation
       
Element: Assist in compliance audits as required
  • Provide information for annual review and compliance reports in timely manner
  • Provide external auditors with required information
  • Collate information to enable statutory reports to be prepared for submission to ATO, AUSTRAC, APRA and ASIC as required
  • Store documents and records according to regulatory requirements
       
Element: Provide support to assist in ensuring compliance requirements are met
  • Review documentation to ensure that compliance requirements are met
  • Review member communications to ensure that compliance requirements are met
  • Clarify implications of compliance and non-compliance, and explain to member
  • Review organisational procedures and guidelines, ensuring compliance requirements are followed
  • Report irregularities promptly to appropriate personnel
  • Conduct work in accordance with legislative requirements
  • Integrate new compliance requirements into work practices as required
       
Element: Prepare information for statutory reports
  • Identify organisational guidelines for preparing information for statutory reports
  • Identify requirements for taxation returns and statutory reports
  • Identify compliance requirements for ATO, AUSTRAC, APRA and ASIC
  • Prepare information in accordance with regulatory guidelines and organisational procedures
  • Forward information to relevant internal and/or external parties
       
Element: Implement quality assurance practices
  • Identify organisational quality assurance practices and make recommendations for improvement where required
  • Maintain member documentation in accordance with organisational procedures
  • Implement system and process checks, and identify any irregularities and potential fraudulent activity
  • Conduct work in accordance with relevant legislation and regulations
  • Identify best practice standards and incorporate into work practice
  • Undertake training and professional development to maintain currency and develop skills
       


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 compliance requirements

1.1 Identify the roles of compliance regulatory bodies

1.2 Identify the legislation and regulations determining compliance

1.3 Identify the reporting requirements of relevant legislation

2. Assist in compliance audits as required

2.1 Provide information for annual review and compliance reports in timely manner

2.2 Provide external auditors with required information

2.3 Collate information to enable statutory reports to be prepared for submission to ATO, AUSTRAC, APRA and ASIC as required

2.4 Store documents and records according to regulatory requirements

3. Provide support to assist in ensuring compliance requirements are met

3.1 Review documentation to ensure that compliance requirements are met

3.2 Review member communications to ensure that compliance requirements are met

3.3 Clarify implications of compliance and non-compliance, and explain to member

3.4 Review organisational procedures and guidelines, ensuring compliance requirements are followed

3.5 Report irregularities promptly to appropriate personnel

3.6 Conduct work in accordance with legislative requirements

3.7 Integrate new compliance requirements into work practices as required

4. Prepare information for statutory reports

4.1 Identify organisational guidelines for preparing information for statutory reports

4.2 Identify requirements for taxation returns and statutory reports

4.3 Identify compliance requirements for ATO, AUSTRAC, APRA and ASIC

4.4 Prepare information in accordance with regulatory guidelines and organisational procedures

4.5 Forward information to relevant internal and/or external parties

5. Implement quality assurance practices

5.1 Identify organisational quality assurance practices and make recommendations for improvement where required

5.2 Maintain member documentation in accordance with organisational procedures

5.3 Implement system and process checks, and identify any irregularities and potential fraudulent activity

5.4 Conduct work in accordance with relevant legislation and regulations

5.5 Identify best practice standards and incorporate into work practice

5.6 Undertake training and professional development to maintain currency and develop skills

Evidence of the ability to:

provide support to ensure compliance requirements

prepare documentation according to compliance requirements

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

implement quality assurance practices including integration of new compliance requirements and processing checks.

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:

identify key compliance requirements of legislation and regulations relating to:

superannuation industry

taxation

privacy

Australian Prudential Regulation Authority (APRA) Prudential Standards

corporations

other relevant legislation

describe the roles of compliance regulatory bodies

describe the key features, compliance and reporting requirements for the Australian Taxation Office (ATO), APRA, Australian Transaction Reports and Analysis Centre (AUSTRAC) and Australian Securities and Investments Commission (ASIC), including timeframe requirements for compliance reports and the lodgement of statutory reports

explain the key compliance responsibilities for fund administrators and consequences of non-compliance

outline the key features and obligations of trusts

explain the legal implications of trust deeds and contracts

explain the relationship between duties, rights, powers, liabilities and remedies

outline the key role, rights and responsibilities of trustees in compliance

outline circumstances in which advice should be sought

explain the relationship between the actuary or auditor and trustee under superannuation legislation

explain the requirements and procedures for preparing statutory reports and taxation returns

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

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

discuss fraud deterrence practices.

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 compliance requirements

1.1 Identify the roles of compliance regulatory bodies

1.2 Identify the legislation and regulations determining compliance

1.3 Identify the reporting requirements of relevant legislation

2. Assist in compliance audits as required

2.1 Provide information for annual review and compliance reports in timely manner

2.2 Provide external auditors with required information

2.3 Collate information to enable statutory reports to be prepared for submission to ATO, AUSTRAC, APRA and ASIC as required

2.4 Store documents and records according to regulatory requirements

3. Provide support to assist in ensuring compliance requirements are met

3.1 Review documentation to ensure that compliance requirements are met

3.2 Review member communications to ensure that compliance requirements are met

3.3 Clarify implications of compliance and non-compliance, and explain to member

3.4 Review organisational procedures and guidelines, ensuring compliance requirements are followed

3.5 Report irregularities promptly to appropriate personnel

3.6 Conduct work in accordance with legislative requirements

3.7 Integrate new compliance requirements into work practices as required

4. Prepare information for statutory reports

4.1 Identify organisational guidelines for preparing information for statutory reports

4.2 Identify requirements for taxation returns and statutory reports

4.3 Identify compliance requirements for ATO, AUSTRAC, APRA and ASIC

4.4 Prepare information in accordance with regulatory guidelines and organisational procedures

4.5 Forward information to relevant internal and/or external parties

5. Implement quality assurance practices

5.1 Identify organisational quality assurance practices and make recommendations for improvement where required

5.2 Maintain member documentation in accordance with organisational procedures

5.3 Implement system and process checks, and identify any irregularities and potential fraudulent activity

5.4 Conduct work in accordance with relevant legislation and regulations

5.5 Identify best practice standards and incorporate into work practice

5.6 Undertake training and professional development to maintain currency and develop skills

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 the roles of compliance regulatory bodies 
Identify the legislation and regulations determining compliance 
Identify the reporting requirements of relevant legislation 
Provide information for annual review and compliance reports in timely manner 
Provide external auditors with required information 
Collate information to enable statutory reports to be prepared for submission to ATO, AUSTRAC, APRA and ASIC as required 
Store documents and records according to regulatory requirements 
Review documentation to ensure that compliance requirements are met 
Review member communications to ensure that compliance requirements are met 
Clarify implications of compliance and non-compliance, and explain to member 
Review organisational procedures and guidelines, ensuring compliance requirements are followed 
Report irregularities promptly to appropriate personnel 
Conduct work in accordance with legislative 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 ATO, AUSTRAC, APRA and ASIC 
Prepare information in accordance with regulatory guidelines and organisational procedures 
Forward information to relevant internal and/or external parties 
Identify organisational quality assurance practices and make recommendations for improvement where required 
Maintain member documentation in accordance with organisational procedures 
Implement system and process checks, and identify any irregularities and potential fraudulent activity 
Conduct work in accordance with relevant legislation and regulations 
Identify best practice standards and incorporate into work practice 
Undertake training and professional development to maintain currency and develop skills 

Forms

Assessment Cover Sheet

FNSSUP402 - Assist in meeting 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

FNSSUP402 - Assist in meeting 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: