Unit of competency Outline

Date retreived
23/07/2026 6:00 AM 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.

Manage administration activities of a superannuation fund

Manage administration activities of a superannuation fund

Unit of competency
National Code
FNSSMS503
State Code
AUT17
TGA Status
Replaced
DTWD Status
Transition (Replaced)
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081105 - Investment And Securities
Original Release Date
16/09/2015
Nominal Hours
70
Description
This unit describes the skills and knowledge required to apply organisational operational guidelines to administer the activities of a self-managed superannuation fund, including managing reporting compliance requirements, payments into and out of the fund and all other administrative activities related to the fund.It applies to individuals who have responsibility for ensuring that a range of administrative activities and legislative and organisational requirements are effectively implemented and managed.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
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
No information
No information
Replaces
State Code National Code Title Type
D4329 FNSSMS503A Manage administration activities of a superannuation fund Unit of competency
Replaced By
State Code National Code Title Type
OCI46 FNSSMS513 Manage administration activities of self-managed superannuation funds Unit of competency
State Code National Code Title Type
AWD2 FNS50715 Diploma of Superannuation Qualification