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Evidence Guide: FNSSMS503 - Manage administration activities of a superannuation fund

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

 

FNSSMS503 - Manage administration activities of a superannuation fund

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

Identify and manage legislative and organisational reporting requirements

  1. Identify sources of information on legislative and organisational reporting requirements
  2. Identify relevant legislative and organisational reporting requirements that impact on administrative processes and procedures
  3. Seek specialist advice from other service providers on areas outside of knowledge area and authority limits to prepare reports required
  4. Review accuracy, thoroughness and timing of reporting procedures against legislative and organisational requirements
  5. Prepare necessary documentation that meets legislative and organisational reporting requirements
Identify sources of information on legislative and organisational reporting requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare necessary documentation that meets legislative and organisational reporting requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage transactions

  1. 2.1 Review trustee's instructions to confirm that transaction(s) can be undertaken and meet legislative, trust deed and organisational requirements
  2. Liaise with external service providers, where relevant, to validate that trustee instructions have been implemented
  3. Confirm monies received from investments are reinvested in accordance with trustee and trust deed instructions
  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
  5. Reconcile contributions to ensure they have been allocated in accordance with trustee instructions
  6. Review accuracy and timelines of benefit payments out of fund and action in accordance with legislative and operational guidelines
2.1 Review trustee's instructions to confirm that transaction(s) can be undertaken and meet legislative, trust deed and organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage complaints

  1. Confirm with trustee(s) details of their complaints regarding service provided internally or by external service provider
  2. Respond to trustee in timely manner and in accordance with legislative and operational procedures
Confirm with trustee(s) details of their complaints regarding service provided internally or by external service provider

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage member records

  1. 4.1 Review member's employment records to ensure currency of information on contributions
  2. Process and review member statements and ensure supporting documentation is supplied when required
  3. Issue and store copies of documentation to ensure compliance with organisational policy and procedures
4.1 Review member's employment records to ensure currency of information on contributions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure annual returns are lodged

  1. Complete annual review process accurately, thoroughly and in time, in accordance with legislative and operational requirements
  2. Complete trustee reporting, member reporting and insurance reporting accurately, thoroughly and in time, in accordance with legislative and operational requirements
  3. Complete Australian Taxation Office (ATO) annual return and independent auditor report accurately, thoroughly and in time, in accordance with legislative and operational requirements
Complete annual review process accurately, thoroughly and in time, in accordance with legislative and operational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

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. 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

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. 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.