This unit applies to job roles involving processing of self-managed superannuation contributions.

ELEMENT

PERFORMANCE CRITERIA

1. Identify types of contributions and their processes

1.1. Contribution sources and types are identified

1.2. Potential errors in processing contribution types are identified

2. Receive contributions

2.1. New accounts are established as required and checked for eligibility

2.2. Contributions are received via post, person, phone or electronic format and accompanying documents checked to ensure information is complete and correct

2.3. Receipt is documented according to legislative requirements

2.4. Documentation is filed according to fund guidelines

2.5. Contributions are processed for banking according to fund guidelines

3. Receive rolled over ETP

3.1. ETP contributions received are checked for rollover eligibility

3.2. Documentation is checked for completion and processed accordingly

4. Identify and manage contribution and ETP errors or non-completions

4.1. Errors in contributions and/or documentation are identified

4.2. Documentation is returned or required information sought

4.3. Incomplete or incorrect contributions are actioned according to fund guidelines

4.4. Incomplete or incorrect contributions are reconciled and processed when required information is obtained

5. Allocate contributions according to contribution type

5.1. Reconciled contributions are prepared for allocation into accounts

5.2. Contributions are allocated in accordance with member requirements

5.3. Documentation and processing is completed according to fund requirements and procedures

6. Issue receipt/ confirmation for contributions according to fund guidelines

6.1. Receipt/confirmation is generated for contributions according to fund guidelines

6.2. Receipt/confirmation is checked against member records according to fund guidelines

6.3. Receipt/confirmation is sent to member according to fund guidelines

Required skills

communication skills to:

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

perform basic calculations related to self-managed superannuation funds

use computer applications such as word processing, spreadsheets and databases

access and update account records electronically

access internet information

literacy skills to read and interpret documentation from a variety of sources and record and consolidate related information

data analysis and interpretation skills

interpersonal skills to relate effectively within a team environment

organisational skills, including the ability to plan and sequence work

analytical skills for research and documentation

decision making and problem solving skills

teamwork skills

organisational skills, including the ability to plan and sequence work

Required knowledge

application of privacy legislation

components of a superannuation ETP

documentation requirements of ETPs

fraud deterrence practices

fund policies, objectives and guidelines

Government Member Benefit Protection Rules

knowledge of available products and services

preservation rules (before and after July 1999)

procedures for calculating and processing benefits

Reasonable Benefit Limits (RBL) regulations and impacts on taxation

taxation requirements and tax rates for ETPs under the Income Tax Assessment Act

taxation requirements for pension and annuity payments

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

apply knowledge of contribution types and sources to establish and manage new accounts

receive ETP rollover payments, while checking for errors and omissions and reconcile contribution for allocation to accounts

issue receipt and confirmation for contributions according to fund requirements

identify consequences of incorrect allocation of member contributions

identify factors which may require further investigation

reconcile income against statements.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to organisation financial records

access to organisation policies and procedures.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports

setting and reviewing workplace business simulations or scenarios.

Guidance information for assessment

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Contribution sources may include:

Australian Taxation Office (ATO)

members

nominated contributors such as spouses, family members

transfers and rollovers.

Errors in contributions and/or documentation may include:

member information does not correlate with fund records

member information is illegible or missing

payment does not correspond with documentation

signature is missing.

Unit sector

Self-managed superannuation

This unit contains employability skills.