Unit of competency Outline

Date retreived
22/07/2026 2:42 PM AWST

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Manage changes to fund structure

Manage changes to fund structure

Unit of competency
National Code
FNSSMS502
State Code
AUT18
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
50
Description
This unit covers the skills and knowledge required to communicate effectively with trustees to manage changes to the self-managed superannuation fund structure including adding a trustee or member, in-specie transfers, merging segregated accounts and winding up the self-managed superannuation fund.It applies to individuals who use specialised knowledge, systematic approaches and effective communication skills to manage information and ensure integrity of data.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. Confirm trustee instructions
  • 1.1 Check trustee instructions to ensure they are in accordance with trust deeds and legislative requirements
  • 1.2 Provide reports to trustee on appropriate steps to be taken to change structure of fund
  • 1.3 Establish agreed timeframes for structural changes to occur
  • 1.4 Obtain specialist advice to support structural change, if required
  • 1.5 Review business sales agreement, where relevant
2. Verify outstanding transactions
  • 2.1 Identify outstanding transactions according to trust deed requirements
  • 2.2 Confirm processing of all outstanding transactions in accordance with agreed timeframes
  • 2.3 Communicate with external parties to ensure transactions are processed and actioned within agreed timeframes
3. Manage distribution of information to appropriate parties
  • 3.1 Make requests to trustees and service providers for payments, documentation and reports that relevant parties require
  • 3.2 Provide reports to members and ensure receipt within specified timeframes
  • 3.3 Complete relevant documentation and ensure it is signed by members within agreed timeframes
  • 3.4 Communicate with and provide documentation to members pertaining to notification of structural changes in accordance with organisational and legislative requirements
4. Manage distribution of fund assets
  • 4.1 Collect assets from investment service providers before structural changes occur
  • 4.2 Distribute fund assets in compliance with legislative requirements
  • 4.3 Ensure that fund assets are transferred by custodians and investment managers to new funds or distributed to relevant parties
5. Manage documentation
  • 5.1 Complete reporting requirements according to legislative requirements
  • 5.2 Wind up funds according to accounting principles
  • 5.3 Provide necessary documentation and records to relevant parties
No information
No information
Replaces
State Code National Code Title Type
D4328 FNSSMS502A Manage changes to fund structure Unit of competency
Replaced By
State Code National Code Title Type
OCI19 FNSSMS512 Manage changes to memberships in self-managed superannuation funds Unit of competency
State Code National Code Title Type
AWD2 FNS50715 Diploma of Superannuation Qualification