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Evidence Guide: FNSSMS502 - Manage changes to fund structure

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSSMS502 - Manage changes to fund structure

What evidence can you provide to prove your understanding of each of the following citeria?

Confirm trustee instructions

  1. Check trustee instructions to ensure they are in accordance with trust deeds and legislative requirements
  2. Provide reports to trustee on appropriate steps to be taken to change structure of fund
  3. Establish agreed timeframes for structural changes to occur
  4. Obtain specialist advice to support structural change, if required
  5. Review business sales agreement, where relevant
Check trustee instructions to ensure they are in accordance with trust deeds and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide reports to trustee on appropriate steps to be taken to change structure of fund

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish agreed timeframes for structural changes to occur

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain specialist advice to support structural change, if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review business sales agreement, where relevant

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Verify outstanding transactions

  1. Identify outstanding transactions according to trust deed requirements
  2. Confirm processing of all outstanding transactions in accordance with agreed timeframes
  3. Communicate with external parties to ensure transactions are processed and actioned within agreed timeframes
Identify outstanding transactions according to trust deed requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm processing of all outstanding transactions in accordance with agreed timeframes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate with external parties to ensure transactions are processed and actioned within agreed timeframes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage distribution of information to appropriate parties

  1. Make requests to trustees and service providers for payments, documentation and reports that relevant parties require
  2. Provide reports to members and ensure receipt within specified timeframes
  3. Complete relevant documentation and ensure it is signed by members within agreed timeframes
  4. Communicate with and provide documentation to members pertaining to notification of structural changes in accordance with organisational and legislative requirements
Make requests to trustees and service providers for payments, documentation and reports that relevant parties require

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide reports to members and ensure receipt within specified timeframes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete relevant documentation and ensure it is signed by members within agreed timeframes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate with and provide documentation to members pertaining to notification of structural changes in accordance with organisational and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage distribution of fund assets

  1. Collect assets from investment service providers before structural changes occur
  2. Distribute fund assets in compliance with legislative requirements
  3. Ensure that fund assets are transferred by custodians and investment managers to new funds or distributed to relevant parties
Collect assets from investment service providers before structural changes occur

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Distribute fund assets in compliance with legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure that fund assets are transferred by custodians and investment managers to new funds or distributed to relevant parties

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage documentation

  1. Complete reporting requirements according to legislative requirements
  2. Wind up funds according to accounting principles
  3. Provide necessary documentation and records to relevant parties
Complete reporting requirements according to legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Wind up funds according to accounting principles

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide necessary documentation and records to relevant parties

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Confirm trustee instructions

1.1 Check trustee instructions to ensure they are in accordance with trust deeds and legislative requirements

1.2 Provide reports to trustee on appropriate steps to be taken to change structure of fund

1.3 Establish agreed timeframes for structural changes to occur

1.4 Obtain specialist advice to support structural change, if required

1.5 Review business sales agreement, where relevant

2. Verify outstanding transactions

2.1 Identify outstanding transactions according to trust deed requirements

2.2 Confirm processing of all outstanding transactions in accordance with agreed timeframes

2.3 Communicate with external parties to ensure transactions are processed and actioned within agreed timeframes

3. Manage distribution of information to appropriate parties

3.1 Make requests to trustees and service providers for payments, documentation and reports that relevant parties require

3.2 Provide reports to members and ensure receipt within specified timeframes

3.3 Complete relevant documentation and ensure it is signed by members within agreed timeframes

3.4 Communicate with and provide documentation to members pertaining to notification of structural changes in accordance with organisational and legislative requirements

4. Manage distribution of fund assets

4.1 Collect assets from investment service providers before structural changes occur

4.2 Distribute fund assets in compliance with legislative requirements

4.3 Ensure that fund assets are transferred by custodians and investment managers to new funds or distributed to relevant parties

5. Manage documentation

5.1 Complete reporting requirements according to legislative requirements

5.2 Wind up funds according to accounting principles

5.3 Provide necessary documentation and records to relevant parties

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Confirm trustee instructions

1.1 Check trustee instructions to ensure they are in accordance with trust deeds and legislative requirements

1.2 Provide reports to trustee on appropriate steps to be taken to change structure of fund

1.3 Establish agreed timeframes for structural changes to occur

1.4 Obtain specialist advice to support structural change, if required

1.5 Review business sales agreement, where relevant

2. Verify outstanding transactions

2.1 Identify outstanding transactions according to trust deed requirements

2.2 Confirm processing of all outstanding transactions in accordance with agreed timeframes

2.3 Communicate with external parties to ensure transactions are processed and actioned within agreed timeframes

3. Manage distribution of information to appropriate parties

3.1 Make requests to trustees and service providers for payments, documentation and reports that relevant parties require

3.2 Provide reports to members and ensure receipt within specified timeframes

3.3 Complete relevant documentation and ensure it is signed by members within agreed timeframes

3.4 Communicate with and provide documentation to members pertaining to notification of structural changes in accordance with organisational and legislative requirements

4. Manage distribution of fund assets

4.1 Collect assets from investment service providers before structural changes occur

4.2 Distribute fund assets in compliance with legislative requirements

4.3 Ensure that fund assets are transferred by custodians and investment managers to new funds or distributed to relevant parties

5. Manage documentation

5.1 Complete reporting requirements according to legislative requirements

5.2 Wind up funds according to accounting principles

5.3 Provide necessary documentation and records to relevant parties

Evidence of the ability to:

confirm trustee instructions using knowledge of trust deed requirements

demonstrate effective communication skills while interacting with others

identify and process outstanding transactions

apply basic accounting principles in managing funds

manage the distribution of fund assets

compile all legislative and organisational reporting requirements.

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:

describe types of specialist advice

explain the legislative and organisational reporting requirements for managing changes to a self-managed superannuation fund structure

describe business sales agreements

interpret trust deed requirements correctly.