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Evidence Guide: FNSSMS603 - Apply legislative and operational requirements to advising in self-managed superannuation funds

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

 

FNSSMS603 - Apply legislative and operational requirements to advising in self-managed superannuation funds

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

Establish knowledge of client regarding self-managed superannuation funds

  1. Advise client on features, structures and operations of self-managed superannuation fund
  2. Inform client of roles played by trustee, specialist advisers and regulators
  3. Inform client of process to appoint trustees and explain trustee duties, responsibilities and liabilities
  4. Advise client of key issues and associated risks to be considered when evaluating self-managed superannuation fund applications
  5. Advise client of steps required to establish self-managed superannuation fund
  6. Explain to client process of winding up self-managed superannuation fund
Advise client on features, structures and operations of self-managed superannuation fund

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Inform client of roles played by trustee, specialist advisers and regulators

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Inform client of process to appoint trustees and explain trustee duties, responsibilities and liabilities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client of key issues and associated risks to be considered when evaluating self-managed superannuation fund applications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client of steps required to establish self-managed superannuation fund

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain to client process of winding up self-managed superannuation fund

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client on relevant legislative requirements

  1. Identify sources of legislative information appropriate to self-managed superannuation funds
  2. Advise client on legislative requirements that apply to self-managed superannuation fund
  3. Advise client of role of principal regulator in managing self-managed superannuation funds
  4. Inform client of ongoing legislative requirements to maintain compliant self-managed superannuation fund
  5. Inform client of consequences of self-managed superannuation fund becoming non-compliant
Identify sources of legislative information appropriate to self-managed superannuation funds

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client on legislative requirements that apply to self-managed superannuation fund

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client of role of principal regulator in managing self-managed superannuation funds

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Inform client of ongoing legislative requirements to maintain compliant self-managed superannuation fund

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Inform client of consequences of self-managed superannuation fund becoming non-compliant

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client on relevant operational requirements

  1. Identify sources of operational information appropriate to self-managed superannuation funds
  2. Advise on operational requirements that apply to client
  3. Inform client regarding operation of trust deeds and ongoing deed amendment
  4. Advise client of requirements for establishing investment strategy, considering investment restrictions for self-managed superannuation fund
  5. Advise client of application of Superannuation Industry (Supervision) (SIS) Act preservation rules on fund monies
Identify sources of operational information appropriate to self-managed superannuation funds

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise on operational requirements that apply to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Inform client regarding operation of trust deeds and ongoing deed amendment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client of requirements for establishing investment strategy, considering investment restrictions for self-managed superannuation fund

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client of application of Superannuation Industry (Supervision) (SIS) Act preservation rules on fund monies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and explain implications for contributions to client

  1. Advise client on regulations regarding eligibility to contribute to self-managed superannuation fund
  2. Advise client on contribution rules, including in specie contributions of business real property
  3. Advise client on allocation of contributions to individual member accounts
  4. Advise client to seek advice for higher level, specialist and/or comprehensive advice if required
Advise client on regulations regarding eligibility to contribute to self-managed superannuation fund

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client on contribution rules, including in specie contributions of business real property

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client on allocation of contributions to individual member accounts

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client to seek advice for higher level, specialist and/or comprehensive advice if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and explain implications for benefits to client

  1. Explain requirements for accessing assets in self-managed superannuation funds for payments of benefits to client
  2. Explain key features, characteristics and risks of different types of self-managed superannuation fund income streams to client
  3. Explain process of setting up income stream from self-managed superannuation fund to client
  4. Explain calculation and operation of member accounts in both accumulation and pension phases to client
  5. Inform client of treatment of death benefits, including lump sum and pension issues
Explain requirements for accessing assets in self-managed superannuation funds for payments of benefits to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain key features, characteristics and risks of different types of self-managed superannuation fund income streams to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain process of setting up income stream from self-managed superannuation fund to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain calculation and operation of member accounts in both accumulation and pension phases to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Inform client of treatment of death benefits, including lump sum and pension issues

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. Establish knowledge of client regarding self-managed superannuation funds

1.1 Advise client on features, structures and operations of self-managed superannuation fund

1.2 Inform client of roles played by trustee, specialist advisers and regulators

1.3 Inform client of process to appoint trustees and explain trustee duties, responsibilities and liabilities

1.4 Advise client of key issues and associated risks to be considered when evaluating self-managed superannuation fund applications

1.5 Advise client of steps required to establish self-managed superannuation fund

1.6 Explain to client process of winding up self-managed superannuation fund

2. Advise client on relevant legislative requirements

2.1 Identify sources of legislative information appropriate to self-managed superannuation funds

2.2 Advise client on legislative requirements that apply to self-managed superannuation fund

2.3 Advise client of role of principal regulator in managing self-managed superannuation funds

2.4 Inform client of ongoing legislative requirements to maintain compliant self-managed superannuation fund

2.5 Inform client of consequences of self-managed superannuation fund becoming non-compliant

3. Advise client on relevant operational requirements

3.1 Identify sources of operational information appropriate to self-managed superannuation funds

3.2 Advise on operational requirements that apply to client

3.3 Inform client regarding operation of trust deeds and ongoing deed amendment

3.4 Advise client of requirements for establishing investment strategy, considering investment restrictions for self-managed superannuation fund

3.5 Advise client of application of Superannuation Industry (Supervision) (SIS) Act preservation rules on fund monies

4. Identify and explain implications for contributions to client

4.1 Advise client on regulations regarding eligibility to contribute to self-managed superannuation fund

4.2 Advise client on contribution rules, including in specie contributions of business real property

4.3 Advise client on allocation of contributions to individual member accounts

4.4 Advise client to seek advice for higher level, specialist and/or comprehensive advice if required

5. Identify and explain implications for benefits to client

5.1 Explain requirements for accessing assets in self-managed superannuation funds for payments of benefits to client

5.2 Explain key features, characteristics and risks of different types of self-managed superannuation fund income streams to client

5.3 Explain process of setting up income stream from self-managed superannuation fund to client

5.4 Explain calculation and operation of member accounts in both accumulation and pension phases to client

5.5 Inform client of treatment of death benefits, including lump sum and pension issues

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. Establish knowledge of client regarding self-managed superannuation funds

1.1 Advise client on features, structures and operations of self-managed superannuation fund

1.2 Inform client of roles played by trustee, specialist advisers and regulators

1.3 Inform client of process to appoint trustees and explain trustee duties, responsibilities and liabilities

1.4 Advise client of key issues and associated risks to be considered when evaluating self-managed superannuation fund applications

1.5 Advise client of steps required to establish self-managed superannuation fund

1.6 Explain to client process of winding up self-managed superannuation fund

2. Advise client on relevant legislative requirements

2.1 Identify sources of legislative information appropriate to self-managed superannuation funds

2.2 Advise client on legislative requirements that apply to self-managed superannuation fund

2.3 Advise client of role of principal regulator in managing self-managed superannuation funds

2.4 Inform client of ongoing legislative requirements to maintain compliant self-managed superannuation fund

2.5 Inform client of consequences of self-managed superannuation fund becoming non-compliant

3. Advise client on relevant operational requirements

3.1 Identify sources of operational information appropriate to self-managed superannuation funds

3.2 Advise on operational requirements that apply to client

3.3 Inform client regarding operation of trust deeds and ongoing deed amendment

3.4 Advise client of requirements for establishing investment strategy, considering investment restrictions for self-managed superannuation fund

3.5 Advise client of application of Superannuation Industry (Supervision) (SIS) Act preservation rules on fund monies

4. Identify and explain implications for contributions to client

4.1 Advise client on regulations regarding eligibility to contribute to self-managed superannuation fund

4.2 Advise client on contribution rules, including in specie contributions of business real property

4.3 Advise client on allocation of contributions to individual member accounts

4.4 Advise client to seek advice for higher level, specialist and/or comprehensive advice if required

5. Identify and explain implications for benefits to client

5.1 Explain requirements for accessing assets in self-managed superannuation funds for payments of benefits to client

5.2 Explain key features, characteristics and risks of different types of self-managed superannuation fund income streams to client

5.3 Explain process of setting up income stream from self-managed superannuation fund to client

5.4 Explain calculation and operation of member accounts in both accumulation and pension phases to client

5.5 Inform client of treatment of death benefits, including lump sum and pension issues

Evidence of the ability to:

use effective communication and interpersonal skills to advise clients on the legislative and operational requirements to be considered for their self-managed superannuation funds including:

establishment and winding up

role and responsibilities of trustee.

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:

interpret and describe the application of Superannuation Industry (Supervision) (SIS) preservation rules and Australian Taxation Office (ATO) guidelines

outline the features, structure and operation of self-managed superannuation funds

establish the investment strategy for a self-managed superannuation fund

analyse and discuss the key issues to consider when evaluating self-managed superannuation funds

identify and interpret the legislative requirements to maintain a self-managed superannuation fund

describe the operations of trust deed and ongoing deed amendments

evaluate special self-managed superannuation fund investment strategies, including borrowing and lending restrictions

analyse the sole purpose test relating to appropriate and inappropriate self-managed superannuation fund investments

describe the steps required to establish a self-managed superannuation fund

discuss the winding up of a self-managed superannuation fund and transfer of benefits.