FPL305 Self-Managed Superannuation Funds

Updated: 08 January 2020
Credit Points 6
Location Teaching Period Mode of Study
Armidale Trimester 1 Online
Armidale Trimester 3 Online
Intensive School(s) None
Supervised Exam There is no supervised examination.
Pre-requisites candidature in BCom and FPL100 and FPL201; or candidature in BCom (Entry Rule b, c, d, or e); or candidature in BCom(FinPlan) and 24cp
Co-requisites None
Restrictions FPL405
Notes None
Combined Units None
Coordinator(s) Cynthia Shannon (cshanno5@une.edu.au)
Unit Description

This unit provides students with an understanding of the specific legislative and regulatory requirements that apply to self-managed superannuation funds (SMSFs), a sector now comprising well over a third of the total superannuation market. Whilst many of the regulation and taxation implications for contributing to superannuation, retaining investments in superannuation and withdrawing funds from superannuation are similar for SMSFs, there are some key differences particularly around ownership structures and related party transactions. The documentation required by a SMSF including Tax and Super Determinations, Rulings, Interpretative Decisions and Practice Law Statements are covered to ensure the administration process for an SMSF is understood.

This unit will include topics that address the nature of SMSFs and their importance in the superannuation market; regulatory context of SMSFs; trustees' duties, powers and rights; steps to set up an SMSF; contribution rules; super funds; tax implications; investments rules for SMSFs; related party transactions; payment of benefits and pensions; record keeping; transgressions and associated penalties; winding up an SMSF.

Materials No text required
Disclaimer Unit information may be subject to change prior to commencement of the teaching period.
Title Exam Length Weight Mode No. Words
Compulsory Client Simulation 30% 1500
Assessment Notes

This activity involves a simulation scenario with a fictitious client seeking advice.

Relates to Learning Outcomes (LO)

LO: 1-5

Compulsory Online Assessment 30% 1500 (equivalent)
Assessment Notes

This assessment is comprised of calculations and scenario based analysis and applications.

Relates to Learning Outcomes (LO)

LO: 1-4

Compulsory SMSF Strategy 40% 2500
Assessment Notes

This assessment involves the preparation of a response to unique or complex client situations.

Relates to Learning Outcomes (LO)

LO: 1-5

Learning Outcomes (LO) Upon completion of this unit, students will be able to:
  1. demonstrate an in-depth understanding of establishing a self-managed superannuation fund (SMSF) including trustee responsibilities; and apply the appropriate trustee structure to the client's situation and circumstance;
  2. correctly apply the contribution rules and restrictions to individual client circumstances;
  3. critically assess the investment rules and restrictions as they apply to self-managed superannuation funds;
  4. distinguish between the different member benefits and recognise the wider implications of withdrawal decisions to formulate appropriate advice strategies; and
  5. critically assess the implications of decisions affecting the payment of death benefits.