Unit of competency Outline

Date retreived
23/07/2026 4:03 AM AWST

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Consider taxation requirements when advising in self-managed superannuation funds

Consider taxation requirements when advising in self-managed superannuation funds

Unit of competency
National Code
FNSSMS602
State Code
AUT25
TGA Status
Deleted
DTWD Status
Deleted
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
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
80
Description
This unit covers the skills and knowledge required to provide advice to trustees (clients) on the potential taxation implications of particular strategies and solutions being considered for self-managed superannuation funds.It does not encompass taxation planning or the provision of taxation planning advice, but does include identifying and providing explanation of self-managed superannuation fund taxation requirements.It applies to individuals who use specialised industry knowledge to respond to enquiries and assist clients with complex needs and requirements.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. Advise trustee on fund taxation requirements and implications
  • 1.1 Outline importance of receiving complete advice on taxation requirements and implications for self-managed superannuation fund
  • 1.2 Explain scope and authority of taxation information able to be provided to trustee
  • 1.3 Recommend appropriate providers of specialist taxation advice
  • 1.4 Identify sources of taxation information appropriate to self-managed superannuation funds
  • 1.5 Advise trustee on taxation and other requirements that apply to self-managed superannuation fund structures, within scope of authority
  • 1.6 Inform trustee of role of Australian Taxation Office (ATO) in regulating and supervising self-managed superannuation funds
  • 1.7 Advise trustee of fund residency requirements for taxation purposes
2. Advise trustee on implications for contributions made to fund
  • 2.1 Advise trustee of types and amounts of contributions, including in specie contributions, that self-managed superannuation fund can accept and investment restrictions
  • 2.2 Advise trustee on taxation treatment of contributions to self-managed superannuation funds
  • 2.3 Calculate and explain to trustee any relevant taxation concessions for contributor
  • 2.4 Reinforce taxation impacts and risks regarding various types of contributions to trustee and confirm trustee understanding of risk
  • 2.5 Advise trustee on treatment of rollovers
3. Advise trustee on implications for fund's income and asset returns
  • 3.1 Advise trustee on treatment of reserves and residual fund assets, within scope of adviser authority
  • 3.2 Advise trustee of taxation implications and benefits relating to investment earnings, including capital gains tax (accumulation and pensions), within scope of adviser authority
  • 3.3 Explain goods and services tax (GST) and pay as you go (PAYG) implications for fund income, expenditure and benefit payments to trustee, within scope of adviser authority
  • 3.4 Advise trustee of tax deductions available to self-managed superannuation fund, within scope of adviser authority
  • 3.5 Identify fund credits, including franking and foreign taxation credits, for trustee, within scope of adviser authority
4. Advise trustee on implications for benefits paid out of fund
  • 4.1 Advise trustee on taxation and social security treatment of income streams to members from self-managed superannuation fund, within scope of adviser authority
  • 4.2 Inform trustee of tax treatment of death benefits (lump sum and income stream), and effect of binding or non-binding nominations, within scope of adviser authority
  • 4.3 Advise trustee of taxation and social security treatment of any existing assets test exempt income streams, within scope of adviser authority
No information
No information
Replaces
State Code National Code Title Type
D4333 FNSSMS602A Apply taxation requirements when advising in self-managed superannuation funds Unit of competency
State Code National Code Title Type
AWA9 FNS60515 Advanced Diploma of Superannuation Qualification