Unit of competency Outline

Date retreived
23/07/2026 6:53 AM AWST

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Process self-managed superannuation contributions

Process self-managed superannuation contributions

Unit of competency
National Code
FNSSMS411
State Code
OCI49
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
04/11/2020
View on TGA
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
081105 - Investment And Securities
Original Release Date
11/03/2021
Nominal Hours
40
Description
This unit describes the skills and knowledge required to receive and process superannuation contributions and rollovers into a self-managed superannuation fund (SMSF), ensuring that correct amounts are allocated to accounts and rectifying identified errors.The unit applies to those who, within their level of authority, apply specialised organisational knowledge and follow defined procedures to administer and process financial information.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Receive contributions and rollovers, and process
  • 1.1 Establish new accounts as required and according to organisational policies and procedures, and check for eligibility
  • 1.2 Obtain and review contributions and rollovers according to organisational policies and procedures
  • 1.3 Identify contribution and rollover sources and types
  • 1.4 Identify potential errors in processing contributions and rollovers
  • 1.5 Process contributions and rollovers where there are no errors, according to fund guidelines
2. Manage errors and non-completions
  • 2.1 Review and return documentation according to organisational policies and procedures, and seek required information where errors in contributions and documentation have been identified
  • 2.2 Action incomplete and incorrect contributions and rollovers according to fund guidelines
  • 2.3 Obtain required information, reconcile and process incomplete and incorrect contributions and rollovers
3. Allocate contributions and rollovers according to type
  • 3.1 Prepare reconciled contributions and rollovers for allocation into accounts according to organisational policies and procedures
  • 3.2 Allocate contributions and rollovers according to member requirements and organisational policies and procedures
  • 3.3 Complete documentation and processing according to fund requirements and organisational policies and procedures
4. Issue receipt or confirmation for contributions and rollovers according to fund guidelines
  • 4.1 Generate receipt and confirmation for contributions and rollovers according to fund guidelines
  • 4.2 Check receipt and confirmation against member records according to fund guidelines
  • 4.3 Send receipt and confirmation to member according to organisational policies and procedures
No information
No information
Replaces
State Code National Code Title Type
AUT23 FNSSMS401 Process self-managed superannuation contribution Unit of competency
State Code National Code Title Type
BFX5 FNS50720 Diploma of Superannuation Qualification
BHW8 FNS50722 Diploma of Superannuation Qualification