Unit of competency Outline

Date retreived
23/07/2026 3:23 PM AWST

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Manage administration activities of self-managed superannuation funds

Manage administration activities of self-managed superannuation funds

Unit of competency
National Code
FNSSMS513
State Code
OCI46
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
70
Description
This unit describes the skills and knowledge required to apply organisational policies and procedures to administer the activities of a self-managed superannuation fund (SMSF). The activities include managing reporting compliance requirements, payments into and out of the funds, and all other administrative activities relating to self-managed superannuation funds.The unit applies to those responsible for implementing and managing a range of administrative activities, and legislative and organisational requirements.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify and manage legislative and organisational reporting requirements relating to SMSF
  • 1.1 Identify legislative and organisational reporting requirements that impact on administrative processes and procedures
  • 1.2 Review and confirm required activity reporting against identified legislative and organisational requirements
  • 1.3 Seek specialist advice from external service providers on areas outside own knowledge area or authority limits
  • 1.4 Identify and prepare member documentation according to legislative and organisational reporting requirements
2. Manage SMSF transactions
  • 2.1 Review trustee’s instructions to confirm that transaction can be undertaken and meets 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 that funds received from investments are reinvested according to trustee and trust deed instructions and organisational procedures
  • 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 according to trustee instructions
  • 2.6 Review timelines of benefit payments out of fund and take required actions according to legislative guidelines and organisational procedures
3. Manage concerns or complaints raised in relation to internal service provision or external service providers
  • 3.1 Confirm details of concern or complaint with trustee
  • 3.2 Respond to trustee concern or complaint in a timely manner and according to legislative requirements and operational procedures
  • 3.3 Engage with and discuss details of trustee concern or complaint with required stakeholders according to organisational procedures
  • 3.4 Action agreed solution to trustee concern or complaint according to organisational procedures
4. Manage SMSF member records
  • 4.1 Review member’s employment records and 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 policies and procedures
5. Finalise SMSF administration activities
  • 5.1 Complete annual review process according to legislative requirements and organisational policies and procedures
  • 5.2 Complete trustee reporting, member reporting and insurance reporting according to legislative requirements and organisational policies and procedures
  • 5.3 Complete Australian Taxation Office (ATO) annual taxation return and independent auditor report in required format for lodgement according to legislative requirements and organisational policies and procedures
  • 5.4 Process and review member statements and supply supporting documentation according to organisational policies and procedures
  • 5.5 Issue and store copies of documentation according to organisational policies and procedures
No information
No information
Replaces
State Code National Code Title Type
AUT17 FNSSMS503 Manage administration activities of a superannuation fund 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