Unit of competency Outline
Date retreived
23/07/2026 4:56 PM AWST
23/07/2026 4:56 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Meet self-managed superannuation fund compliance requirements
Meet self-managed superannuation fund compliance requirements
Unit of competency
National Code
FNSSMS504A
FNSSMS504A
State Code
D4330
D4330
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
081105 - Investment And Securities
Original Release Date
29/07/2014
Nominal Hours
50
Description
This unit describes the functions involved in assisting self-managed superannuation funds meet compliance requirements. It encompasses the identification of compliance requirements, determining legislative and regulatory requirements, assisting in compliance audits, preparing statutory reports to meet compliance requirements, and identifying Australian Taxation Office (ATO) and Australian Securities and Investments Commission (ASIC) compliance requirements.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Notes
Elements and Performance Criteria
1. Identify compliance requirements
- 1.1. Roles of compliance regulatory bodies are identified
- 1.2. Legislation and regulations determining compliance are identified
- 1.3. Reporting requirements of relevant legislation are identified
2. Assist in compliance audits as required
- 2.1. Information for annual review and compliance reports is provided in a timely manner
- 2.2. External auditors are provided with required information
- 2.3. Collation of information is provided to enable statutory returns to be prepared for submission to ATO and ASIC as required
- 2.4. Documents and records are stored according to regulatory requirements
3. Provide support to assist in ensuring compliance requirements are met
- 3.1. Documentation is reviewed to ensure that compliance requirements are met
- 3.2. Member communications are reviewed to ensure that compliance requirements are met
- 3.3. Irregularities are reported promptly to members
- 3.4. New compliance requirements are integrated into work practices of the fund as required
4. Prepare information for statutory reports
- 4.1. Requirements for taxation returns and statutory reports are identified
- 4.2. Compliance requirements for ATO and ASIC are identified
- 4.3. Information is prepared in accordance with regulatory guidelines
- 4.4. Information is forwarded to members and relevant external parties
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Legislation and regulations determining compliance may include, as amended:
anti-discrimination legislation
Corporations Act
Family Law Legislation Amendment Superannuation Act
Financial Services Reform Act (FSRA)
Income Tax Assessment Act
industrial legislation
Insurance Act
Privacy Amendment Act (Private Sector) (the Privacy Act)
Retirement Savings Account Act
stamp duty legislation
Superannuation Contributions Tax (Assessment and Collection) Act (surcharge)
Superannuation Guarantee (Administration) Act (SGAA)
Superannuation Industry (Supervision) Act (SIS)
Superannuation Industry (Supervision) Regulations
trade practices legislation
Trustee Acts or Trust Acts in each State and Territory
other relevant State and Commonwealth legislation.
Statutory returns may include:
contributions and benefits tax
end of year tax returns
lost member reports
monthly Pay As You Go (PAYG) reports
monthly Reasonable Benefits Limit (RBL) reports
surcharge details
unclaimed monies.
Requirements for taxation returns and statutory reports may include:
financial statements
return dates
signatures
specific details
supplementary reports
supporting evidence.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Legislation and regulations determining compliance may include, as amended:
anti-discrimination legislation
Corporations Act
Family Law Legislation Amendment Superannuation Act
Financial Services Reform Act (FSRA)
Income Tax Assessment Act
industrial legislation
Insurance Act
Privacy Amendment Act (Private Sector) (the Privacy Act)
Retirement Savings Account Act
stamp duty legislation
Superannuation Contributions Tax (Assessment and Collection) Act (surcharge)
Superannuation Guarantee (Administration) Act (SGAA)
Superannuation Industry (Supervision) Act (SIS)
Superannuation Industry (Supervision) Regulations
trade practices legislation
Trustee Acts or Trust Acts in each State and Territory
other relevant State and Commonwealth legislation.
Statutory returns may include:
contributions and benefits tax
end of year tax returns
lost member reports
monthly Pay As You Go (PAYG) reports
monthly Reasonable Benefits Limit (RBL) reports
surcharge details
unclaimed monies.
Requirements for taxation returns and statutory reports may include:
financial statements
return dates
signatures
specific details
supplementary reports
supporting evidence.
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
understand the roles of compliance bodies and provide compliance reports in a timely manner
provide support to ensure compliance requirements and understand the consequences of non-compliance
prepare documentation according to compliance requirements
prepare member communications according to compliance requirements
prepare information for statutory returns
identify new compliance requirements and integrate them into work practices.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation financial records
access to organisational policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace business simulations or scenarios.
Guidance information for assessment
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
understand the roles of compliance bodies and provide compliance reports in a timely manner
provide support to ensure compliance requirements and understand the consequences of non-compliance
prepare documentation according to compliance requirements
prepare member communications according to compliance requirements
prepare information for statutory returns
identify new compliance requirements and integrate them into work practices.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation financial records
access to organisational policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace business simulations or scenarios.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUT20 | FNSSMS504 | Meet self-managed superannuation fund compliance requirements | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D720 | FNS50711 | Diploma of Superannuation | Qualification |