Accountant's SMSF RG146 Gap Training Program

Accountant's SMSF RG146 Gap Training Program

Course details last updated on the register on 3/08/2012

Course Name

Accountant's SMSF RG146 Gap Training Program

Competencies Covered

FNSASICU503A – Provide advice in Superannuation, FNSCUS505A – Determine client requirements and expectations, FNSCUS506A – Record and implement client instructions, FNSIAD501A – Provide appropriate services, advice and products to clients, FNSINC501A – Conduct product research to support recommendations, FNSSMS601A – Provide advice in self managed superannuation Funds, FNSSMS501A - Invest self managed superannuation funds assets, FNSSMS505A – Support trustee in the selection and performance monitoring of outsourced services, FNSSM602A – Apply taxation requirements when advising in self managed superannuation funds, FNSSMS603A – Apply legislative and operational requirements to advising in self managed superannuation funds, FNSICGEN301B Communicate in the workplace FNSICGEN302B Use technology in the workplace FNSICGEN304B Apply health and safety practices in the workplace FNSICIND401B Apply principles of professional practice to work in the financial services industry

Award Given at Completion

Statement of Attainment

Specialist Knowledge

Superannuation, Self Managed Superannuation Funds, Generic Knowledge, Skills



Where Course Delivered

All of Australia

Delivery Method

Computer-based, Distance, Individual assessment, Self-paced, Web-based

Assessment Type

Examination - open book, Computer based, Case study, Self assessment

Start Date


Duration/Total Hours



Approximate Cost





This course was being offered as at 24 September 2012 when the Training Register was archived.



Ms Cara Edwards

Phone Number

General Manager/ Managing Director

Fax Number

1300 782 822



Chapter 1: About SMSF'SChapter 1 outlines core elements of the structure of SMSFs. Section 1 summarises the structure and regulatory features of the Australian superannuation industry, with particular focus on the operation of self managed superannuation funds and their service providers. It outlines the profile of the Superannuation industry, details the roles and functions of the main participants, outlines the Superannuation regulatory framework paying particular attention to the responsibilities of the Australian Prudential Regulatory Authority, the Australian Securities and Investments Commission and the Australian Taxation Office Included are the recommendations of the Cooper superannuation review and the Henry tax review as they relate to retirement incomes reforms. Section 2 covers the considerations involved in the selection of an appropriate superannuation fund. It identifies and describes the types of superannuation funds that may be used for retirement savings and, eventually, for payment of various types of superannuation benefits. It examines many of the main issues arising from establishing and administering a self managed superannuation fund (SMSF) that should be kept in mind when deciding on the suitability of self managed superannuation for clients. This chapter equips advisers to make recommendations concerning the decisions about the use of superannuation as a wealth accumulation vehicle, the type of fund to be used, the circumstances in which SMSF may be appropriate, the advantages of SMSF, issues to consider when operating an SMSF, licensing and disclosure requirements, and the particular care that needs to be taken when recommending switching superannuation funds.Chapter 2: Contributions and Transfers into SuperannuationChapter 2 identifies and explains the implications of contributions and other allowable methods of transferring money into superannuation by the member/trustee. Comprehensive coverage is provided of the ordinary meaning of “contributions”, the acceptance of contributions by a fund, contribution types and the tax concessions that apply to them, employer superannuation obligations and contributions, the tax deductions available for employer and employee superannuation contributions, conditions relating to “complying” status for a fund and age restrictions for employees, the personal services income rules that may restrict deduction for employer contributions along with other rules affecting employer contributions, salary sacrifice superannuation contributions and personal superannuation contributions. The eligibility to make personal contributions and conditions for deductibility are detailed, along with the maximum earnings as employee condition, the 10% rule and notice requirements. Limits on concessional taxed contributions are covered here and excess contributions tax explained. Concessional and non-concessional contributions are distinguished along with the limits that apply on accepting certain member contributions. Spouse contributions and the opportunities for contribution splitting are explained along with the Government co-contribution arrangements. Transfers including roll-overs from domestic and foreign funds are detailed. Finally, some administrative matters such as the requirements concerning tax file numbers and reporting are taught, along with an outline of issues relating to bankruptcy. Chapter 3: Payment of BenefitsChapter 3 identifies and explains the payment of superannuation benefits by trustees. Section 1 presents the preservation and payment rules as prescribed under the Superannuation Industry (Supervision) Act 1993 (SIS Act) and the requirements of trustee. It looks at the rules and administration requirements of trustees for the release and payment of benefits. The preservation status of benefits is important when looking at payments – superannuation benefits that are “preserved” or “restricted non-preserved” require the member to meet a condition of release to get access to these benefits. By contrast, benefits that are classified as “unrestricted non-preserved benefits” have no restrictions attached and members may access these benefits at any time. Section 2 presents the taxation treatment of lump sum superannuation benefits and certain payments made in special circumstances, including the treatment of now defunct payments relating to superannuation surcharge and RBL issues. Division 301 to 307 of the ITAA 1997 provide the rules for the taxation of payments from complying and non-complying superannuation funds. Section 3 examines the payment of different types of superannuation income streams (including features and risks) from an SMSF and the taxation treatment of superannuation income stream benefits. Section 4 summarises various aspects of the rules governing the payment of benefits on the death of a member of an SMSF and the taxation of superannuation death benefits under the ITAA 1997. It examines specifically the impact of binding, non-binding and beneficiary nominations. Chapter 4 Tax on Income and AssetsChapter 4 covers the taxation of superannuation funds. Section 1 outlines the PAYG reporting requirements that apply to SMSF. Section 2 covers the critically important matter of tax, including Division 295 of the ITAA 1997. This overview of SMSF taxation covers the qualifying conditions and taxation of complying SMSFs, the definition and requirements of Australian superannuation funds, the “compliance test” for SMSFs, and the notification of complying or non-complying status. The taxation of both complying and non complying SMSFs is covered and commentary on assessable and non-arms length income is included. Comprehensive information about the tax treatment of contributions is provided, along with full details of CGT and GST as they relate to superannuation in general and SMSF in particular. Deductions and exemptions, SMSFs and instalment warrant transactions, foreign transactions and tax, SMSFs paying current pensions, tax on no-TFN contributions income then follow. The taxation of previously complying funds is addressed and finally the shortfall interest charge and some further record keeping matters are outlined.Chapter 5: Legislation, Regulation and Trustee RulesChapter 5 outlines the legislative, trustee and regulatory requirements of an SMSF. The procedures relating to trustee appointment are explained, and the trustee responsibilities and obligations are detailed. SMSF is defined, the Governing Rules are listed and a comprehensive coverage of setting up an SMSF is provided, including what is needed when dealing with disqualified persons. The penalties for mismanagement of SMSF can be severe, and they are covered in this chapter.Chapter 6: Fund OperationsChapter 6 discusses relevant SMSF operational requirements applying to trustees and their advisers. Section 1 provides detail on the establishment of an SMSF, concentrating on the practical issues involved and proving a checklist that will be useful in practice to ensure that no detail is overlooked. Section 2 deals with the day by day and year end administration of SMSF, including the records that must be kept. Section 3. provides more detail on the reports and returns that must be completed for an SMSF. Section 4 explains the procedures and requirements to be addressed when winding up a fund, including how to deal with income streams and the tax consequences of winding up.Chapter 7: Investment Rules and StrategiesChapter 7 will enable advisers to assist trustees in devising superannuation investment objectives and strategies which meet the requirements of the SIS Act. An overview of SMSF investments and controls is followed by an explanation of how to formulate an investment strategy, with a checklist and examples. The penalties that apply to trustees for noncompliance are listed, as are the crucial rules, including the sole purpose test with ATO guidelines, the arm’s length rule as it relates to transactions and the taxation of income, prohibitions on loans to members and other relevant restrictions on borrowing. The exceptions to borrowing restrictions are noted, with thorough explanations of limited recourse borrowing assignment of interests and charge on fund assets. Acquisition of assets from a related party is normally not allowed, and this chapter explains what is meant by “related party” and what the restrictions and exceptions are. In-house assets and in-house asset rules are dealt with here, along with the degree to which the ATO can exercise discretion in this area. The important matter of record keeping is covered again here, in regard to investment rules and strategies.Chapter 8: Managing Outsourced ServicesChapter 8 enables advisers to scope, select, source and monitor outsourced service providers, or to assist trustees in doing so. Most funds will require a bank, a tax accountant and an auditor to be providing services, and some may require specialist services from an insurance company, actuaries, administrators, custodians, valuers, stock-brokers and the like. APRA has issued a guidance note on how to set up effective and accountable outsourced service arrangements, so following proper practice is a compliance matter as well as good practice. The guidelines are listed, as well as coverage of the components of an agreement and the rationale for them. Professional Indemnity insurance is discussed as well as how to amend and terminate supply arrangements.Assessment1. Participant self-assessment activities – participants are encouraged to attempt and complete the self-assessment activities that have been developed for each chapter of the module. Self assessment activities comprise of: - Scenario based questions - Short answer questions The self-assessment activities are for participant use only, and have been developed to assist participants with applying the skills and knowledge for each chapter of into Financial services environment. The self-assessment activities provide beneficial feedback to each participant on their understanding and application of the course content. 2. Participants complete a knowledge assessment, assessment questions have been constructed utilizing Blooms Taxonomy models, to ensure that assessment questions cover the following areas of - Knowledge, - Application, - Comprehension, - Analysis, - Synthesis, and - Evaluation Knowledge assessments may consist of multiple choice and short answer questions, together with scenario based project samples etc.


Pinnacle Financial Services Academy Pty Ltd


Cara Edwards, General Manager / Director

Phone Number

1300 782 822

Fax Number

1300 794 820

Email Address


Important Notice

This service is provided solely for general information purposes. By provision of the service ASIC does not provide legal or other professional advice. ASIC expressly disclaims any liability arising from use of the service. If you require legal or other expert advice or assistance, you should seek the services of a competent professional person.

Created by the Australian Securities and Investments Commission. Copyright � 2007 Australian Securities and Investments Commission.

Version 2.0

Last updated: 30/03/2021 09:39