FNSSMS513 — Manage administration activities of self-managed superannuation funds

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What an assessment for FNSSMS513 must cover

58 assessable components: 5 elements (22 performance criteria), 6 performance evidence and 22 knowledge evidence requirements, plus 8 foundation skills. An audit-defensible tool maps every question and task back to these — that mapping is the coverage matrix Auditori generates alongside the assessment.

Elements & performance criteria

1 Identify and manage legislative and organisational reporting requirements relating to SMSF

1.1Identify legislative and organisational reporting requirements that impact on administrative processes and procedures
1.2Review and confirm required activity reporting against identified legislative and organisational requirements
1.3Seek specialist advice from external service providers on areas outside own knowledge area or authority limits
1.4Identify and prepare member documentation according to legislative and organisational reporting requirements

2 Manage SMSF transactions

2.1Review trustee’s instructions to confirm that transaction can be undertaken and meets legislative, trust deed and organisational requirements
2.2Liaise with external service providers, where relevant, to validate that trustee instructions have been implemented
2.3Confirm that funds received from investments are reinvested according to trustee and trust deed instructions and organisational procedures
2.4Confirm accuracy and timelines of allocations, processing of contributions and rollovers and all other payments into fund are in accordance with legislative and operational guidelines
2.5Reconcile contributions according to trustee instructions
2.6Review timelines of benefit payments out of fund and take required actions according to legislative guidelines and organisational procedures

3 Manage concerns or complaints raised in relation to internal service provision or external service providers

3.1Confirm details of concern or complaint with trustee
3.2Respond to trustee concern or complaint in a timely manner and according to legislative requirements and operational procedures
3.3Engage with and discuss details of trustee concern or complaint with required stakeholders according to organisational procedures
3.4Action agreed solution to trustee concern or complaint according to organisational procedures

4 Manage SMSF member records

4.1Review member’s employment records and ensure currency of information on contributions
4.2Process and review member statements and ensure supporting documentation is supplied when required
4.3Issue and store copies of documentation to ensure compliance with organisational policies and procedures

5 Finalise SMSF administration activities

5.1Complete annual review process according to legislative requirements and organisational policies and procedures
5.2Complete trustee reporting, member reporting and insurance reporting according to legislative requirements and organisational policies and procedures
5.3Complete Australian Taxation Office (ATO) annual taxation return and independent auditor report in required format for lodgement according to legislative requirements and organisational policies and procedures
5.4Process and review member statements and supply supporting documentation according to organisational policies and procedures
5.5Issue and store copies of documentation according to organisational policies and procedures

Performance evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
manage administration activities of a superannuation fund for at least one member, including:
preparing an annual report that complies with legislative and organisational reporting requirements
processing payments into and out of the fund following legislative and organisational guidelines and basic accounting practices
identifying and liaising with other service providers as required to manage administration activities and settle disputes
producing a member statement.

Knowledge evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
legislative record-keeping and reporting requirements relating to managing the administration activities of self-managed superannuation funds, including those relating to:
trustee reporting
member reporting
insurance reporting
Australian Taxation Office (ATO) annual reporting requirements
trust deeds
key components of fund policies, investment objectives and guidelines
organisational policies and procedures relating to managing administration activities of self-managed superannuation funds, including for:
communicating with external parties
communicating with trustees and members
dispute resolution
external complaint handling
annual review process
factors that may require further investigation
issuing and storing copies of documentation
content typically included in reporting documentation for self-managed superannuation funds including superannuation rollover and transfers
key components of member documentation, including pensions, lump sums, investment strategies, borrowing, insurance strategies and setting up reserves in a fund
consequences of incorrect allocation of member contributions
differences in preservation rules before and after July 1999
superannuation contributions and contributions caps relating to managing administration of self-managed superannuation funds
procedures for reconciling and processing contributions.

Foundation skills

Numeracy: Interprets and analyses mathematical information in complex reports and documents Performs basic calculations relating to self-managed superannuation funds to update accounts
Oral communication: Shares information using language and register appropriate to audience and purpose Uses active listening and questioning techniques to seek information and confirm understanding
Reading: Interprets documentation from a variety of sources, including data analysis Reviews actions from interpretation of legislative and organisational reporting requirements
Writing: Records and consolidates related information and constructs precise, concise reports for clients and colleagues
Planning and organising: Uses a systematic approach to planning and managing own workload and specific tasks
Self-management: Takes responsibility for ensuring that documentation and processes comply with legislative and organisational policies and procedures
Teamwork: Selects and uses appropriate conventions and protocols when liaising with clients and colleagues Uses a range of strategies, including reading of verbal and non-verbal signals, to build rapport and connect with clients when handling sensitive issues
Technology: Uses the main features and functions of digital tools to complete work tasks and to access information

Unit content sourced from training.gov.au — © Commonwealth of Australia, licensed under CC BY 4.0. Auditori is not affiliated with the Department of Employment and Workplace Relations.

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Questions about assessing FNSSMS513

What does an assessment tool for FNSSMS513 need to cover?

To satisfy the Principles of Assessment and Rules of Evidence, an assessment for FNSSMS513 needs to address all 58 unit components: 5 elements with 22 performance criteria, 6 performance evidence requirements, 22 knowledge evidence requirements, and the foundation skills. A coverage matrix mapping each question and task to these components is what an auditor looks for.

How does Auditori generate an assessment tool for FNSSMS513?

Auditori pulls the current release of FNSSMS513 from training.gov.au and generates a complete package: candidate assessment, assessor guide with model answers and observation criteria, and a coverage matrix mapping every component. A suitably qualified person then reviews and approves the draft in a built-in workflow — consistent with ASQA's guidance on AI use in VET — before export as branded PDF and editable Word.

Is the first assessment tool really free?

Yes. Every new account includes one free credit — enough to generate the complete assessment tool for FNSSMS513 — with no card and no subscription required. After that it's pay-as-you-go per unit.

Can I check my existing FNSSMS513 assessment instead of generating a new one?

Yes — upload your existing assessment or learner guide and Auditori maps it against every element, performance criterion, PE and KE of FNSSMS513, showing exactly what's covered and what's missing. Mapping costs a quarter of a credit.

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