Unit of competency Outline
Date retreived
22/07/2026 5:11 PM AWST
22/07/2026 5:11 PM 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.
Meet self-managed superannuation fund compliance requirements
Meet self-managed superannuation fund compliance requirements
Unit of competency
National Code
FNSSMS514
FNSSMS514
State Code
OCI04
OCI04
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
081105 - Investment And Securities
Original Release Date
11/03/2021
Nominal Hours
50
Description
This unit describes the skills and knowledge required to identify compliance requirements, assist in compliance audits, and prepare statutory reports to meet Australian Taxation Office (ATO) and Australian Securities and Investment Commission (ASIC) self-managed superannuation fund compliance requirements.The unit applies to those who use specialised knowledge to evaluate complex information and legislative and organisational requirements to ensure compliance obligations are met.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify compliance requirements for self-managed superannuation funds
- 1.1 Identify roles of financial compliance regulatory bodies
- 1.2 Identify and analyse legislation and regulations that specify compliance requirements
- 1.3 Detail legislative and organisational reporting requirements
2. Assist in compliance audits
- 2.1 Provide information for annual review and compliance reports to trustee according to organisational procedures
- 2.2 Communicate required information to external auditors according to organisational procedures
- 2.3 Collate and provide information for statutory documents to be prepared for submission to the ATO and ASIC
- 2.4 File documents and records according to regulatory requirements and organisational procedures
3. Assist in confirming compliance requirements are met
- 3.1 Review documentation and member communication and confirm compliance requirements are met
- 3.2 Identify and report irregularities to required stakeholders
- 3.3 Integrate new compliance requirements into work practices
4. Prepare information for statutory reports
- 4.1 Identify requirements for taxation returns and statutory reports
- 4.2 Prepare statutory report information according to regulatory guidelines
- 4.3 Assess and prepare necessary information to fund members and required external parties according to organisational procedures
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUT20 | FNSSMS504 | Meet self-managed superannuation fund compliance requirements | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| BFX2 | FNS60920 | Advanced Diploma of Paraplanning | Qualification |
| BFX5 | FNS50720 | Diploma of Superannuation | Qualification |
| BHW8 | FNS50722 | Diploma of Superannuation | Qualification |