Unit of competency Outline

Date retreived
22/07/2026 7:57 AM AWST

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Manage changes to memberships in self-managed superannuation funds

Manage changes to memberships in self-managed superannuation funds

Unit of competency
National Code
FNSSMS512
State Code
OCI19
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
04/11/2020
View on TGA
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
081105 - Investment And Securities
Original Release Date
11/03/2021
Nominal Hours
45
Description
This unit describes the skills and knowledge required to communicate with trustees to manage changes to memberships in self-managed superannuation funds (SMSF), including adding trustees or members, in-specie transfers, merging segregated accounts, and winding up funds.The unit applies to those who use specialised knowledge, systematic approaches and effective communication skills to manage information and ensure integrity of data.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Confirm trustee instructions
  • 1.1 Identify and review trustee instructions according to organisational procedures and confirm they are in accordance with trust deeds and legislative requirements
  • 1.2 Provide instructions to trustee to change memberships in self-managed superannuation fund
  • 1.3 Establish agreed timeframes for changes to occur
  • 1.4 Obtain specialist advice to support change according to organisational policies and procedures
2. Verify outstanding transactions
  • 2.1 Identify outstanding transactions according to trust deed
  • 2.2 Confirm processing of all outstanding transactions according to agreed timeframes
  • 2.3 Communicate with external parties according to organisational procedures and ensure outstanding transactions are processed and actioned within agreed timeframes
3. Manage distribution of information to relevant parties
  • 3.1 Request payments, documentation and reports from trustees and service providers
  • 3.2 Provide reports to members according to organisational procedures and ensure receipt within agreed timeframes
  • 3.3 Complete relevant documentation and ensure it is signed by members within agreed timeframes according to organisational procedures
  • 3.4 Provide documentation to required stakeholders on changes to memberships in self-managed superannuation fund
4. Manage documentation and distribution of fund assets
  • 4.1 Collect assets from investment service providers according to organisational policies and procedures
  • 4.2 Distribute fund assets according to legislative requirements and organisational policies and procedures
  • 4.3 Confirm fund assets are transferred to new fund or distributed to relevant parties where funds transferral is required
  • 4.4 Finalise reports according to legislative requirements and organisational policies and procedures
  • 4.5 Wind up funds according to accounting principles, as required
  • 4.6 Provide necessary documentation and records to relevant parties according to organisational policies and procedures
No information
No information
Replaces
State Code National Code Title Type
AUT18 FNSSMS502 Manage changes to fund structure Unit of competency
State Code National Code Title Type
BFX2 FNS60920 Advanced Diploma of Paraplanning Qualification
BFX5 FNS50720 Diploma of Superannuation Qualification
BHW8 FNS50722 Diploma of Superannuation Qualification