Unit of competency Outline

Date retreived
22/07/2026 11:44 AM AWST

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Meet self-managed superannuation fund compliance requirements

Meet self-managed superannuation fund compliance requirements

Unit of competency
National Code
FNSSMS504
State Code
AUT20
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 describes the skills and knowledge required to identify legislative requirements, assist in compliance audits and prepare statutory reports to meet Australian Taxation Office (ATO) and Australian Securities and Investments Commission (ASIC) self-managed superannuation compliance requirements.It applies to individuals who use specialised knowledge to evaluate complex information and legislative requirements to ensure compliance obligations are met.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 compliance requirements
  • 1.1 Identify roles of compliance regulatory bodies
  • 1.2 Identify and analyse legislation and regulations that stipulates compliance requirements
  • 1.3 Detail reporting requirements of relevant legislation
2. Assist in compliance audits as required
  • 2.1 Provide information for annual review and compliance reports in timely manner to self-managed superannuation fund trustee (client)
  • 2.2 Provide external auditors with required information
  • 2.3 Collate and provide information to enable statutory returns to be prepared for submission to ATO
  • 2.4 File documents and records according to regulatory requirements
3. Provide support to assist in ensuring compliance requirements are met
  • 3.1 Review documentation to ensure compliance requirements are met
  • 3.2 Review member communications to ensure compliance requirements are met
  • 3.3 Report irregularities promptly to trustee (client)
  • 3.4 Integrate new compliance requirements into work practices, as required
4. Prepare information for statutory reports
  • 4.1 Describe requirements for taxation returns and statutory reports
  • 4.2 Prepare information in accordance with regulatory guidelines including those of the ATO and ASIC
  • 4.3 Assess and provide information necessary to members and relevant external parties
No information
No information
Replaces
State Code National Code Title Type
D4330 FNSSMS504A Meet self-managed superannuation fund compliance requirements Unit of competency
Replaced By
State Code National Code Title Type
OCI04 FNSSMS514 Meet self-managed superannuation fund compliance requirements Unit of competency
State Code National Code Title Type
AWD2 FNS50715 Diploma of Superannuation Qualification