Application
This unit describes the skills and knowledge required to assist an organisation to meet compliance requirements relevant to superannuation. It involves identifying and assisting the organisation to comply with the legislative requirements of the Australian Financial Complaints Authority (AFCA), Australian Prudential Regulation Authority (APRA), Australian Securities and Investments Commission (ASIC), Australian Taxation Office (ATO), and Australian Transaction Reports and Analysis Centre (AUSTRAC).
The unit applies to those 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, including those of APRA, ASIC, ATO and AUSTRAC. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Elements and Performance Criteria
1. Identify compliance requirements | 1.1 Identify roles of compliance regulatory bodies 1.2 Identify legislation and regulations determining compliance 1.3 Identify reporting requirements of relevant legislation |
2. Facilitate compliance audits | 2.1 Provide information for annual review and compliance reports within required timeframes to compliance auditors 2.2 Provide relevant stakeholders with required information 2.3 Collate and prepare statutory reports required by regulatory bodies 2.4 Store documents and records according to regulatory requirements and organisational policies and procedures |
3. Assist in confirming compliance requirements are met | 3.1 Review documentation and confirm superannuation compliance requirements are met 3.2 Review and confirm that organisational procedures and guidelines regarding superannuation compliance requirements are followed 3.3 Review and record member communications and confirm that compliance requirements are met 3.4 Communicate implications of compliance and non-compliance to member 3.5 Maintain member documentation according to organisational procedures 3.6 Report irregularities within required timeframes to required stakeholders according to legislative and organisational 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 required regulatory bodies 4.4 Prepare information according to regulatory guidelines and organisational procedures 4.5 Forward information to relevant internal and external parties |
5. Implement quality assurance practices | 5.1 Identify organisational quality assurance practices and make recommendations for improvement where required 5.2 Implement system and process checks, and identify irregularities and potential fraudulent activity 5.3 Identify best practice standards and integrate new compliance requirements into work practices as required 5.4 Undertake training and professional development to maintain currency and develop own skills and knowledge |
Evidence of Performance
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.
Evidence of Knowledge
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.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
organisational equipment, technology, software and consumables
organisational financial records
organisational policies and procedures.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Foundation Skills
Learning | Implements formal approaches to maintain currency of professional skills and knowledge |
Numeracy | Performs calculations to analyse and evaluate financial information required for reports |
Oral communication | Uses appropriate conventions and protocols, including active listening and questioning techniques, to explain and convey complex information to required parties in a range of contexts Shares information with others using language and concepts appropriate to audience and purpose |
Reading | Researches, analyses and consolidates complex information from a range of sources to identify key requirements |
Writing | Prepares documentation using language, concepts and terminology appropriate to audience and purpose to convey and clarify explicit information and requirements |
Planning and organising | Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficient and effective outcomes Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations |
Problem solving | Accepts responsibility for addressing less predictable problems and initiates standard procedures in response, applying problem-solving processes in determining a solution |
Self-management | Accepts responsibility and ownership for tasks, and makes decisions on completion parameters and the need for coordination with others Identifies and acts on issues that contravene relevant policies, procedures and legal requirements |
Technology | Uses digitally based technologies to enter, access or update information to achieve required outcomes |
Sectors
Superannuation