Course Title: Provide advice in Superannuation
Part B: Course Detail
Teaching Period: Term1 2015
Course Code: BAFI5195C
Course Title: Provide advice in Superannuation
School: 650T Vocational Business Education
Campus: City Campus
Program: C5317 - Diploma of Financial Planning
Course Contact : Sam Tabit
Course Contact Phone: +61 3 9925 1466
Course Contact Email:email@example.com
Name and Contact Details of All Other Relevant Staff
Nominal Hours: 50
Pre-requisites and Co-requisites
Pre-requisites competencies to this course:
FNSINC501A - Conduct product research to support recommendations
FNSIAD501A - Provide appropriate services, advice and products to clients
FNSCUS505A - Determine client requirements and expectations
FNSCUS506A - Record and implement client instructions
There are no co-requisites to this course.
This course describes the performance outcomes, skills and knowledge required to satisfy the training requirements of current Australian Securities and Investments Commission (ASIC) Australian Financial Services (AFS) licensing at Tier 1 level in the Superannuation specialist area.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title:
FNSASICU503A Provide advice in Superannuation
1. Establish relationship with client and identify client's objectives, needs and financial situation
1.1. The financial products and services knowledge level of the client is established
2. Analyse client's objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions
2.1. An assessment of client's needs is undertaken, utilising all information gathered and taking into account client's product expectations and specific needs
3. Present appropriate strategies and solutions to client and negotiate a financial plan, policy or transaction
3.1. Product knowledge appropriate for the service or product offered is demonstrated when presenting the product
4. Agree the plan, policy or transaction and complete documentation
4.1. The client's formal agreement to the proposed plan, policy or transaction is gained
5. Provide ongoing service where requested by client
5.1. Type and form of ongoing service including reporting on performance and review of plan, policy or transaction is agreed with the client
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities. The self-paced activities will be delivered thought various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.
The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
We expect you to participate and contribute in all scheduled learning activities.
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- Overview of assessment requirements
- Pre-training Review including: Recognition of Prior Learning and Credit Transfers and Assessment of current skills and knowledge
- Competency/grading criteria
- Submission Requirements
- Resubmission policy
- Where to get support
- Student responsibilities
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Introduction to the Course including:
|2||16 Feb|| The Regulatory Framework •Superannuation Industry (Supervision) Act 1993 |
•Australian Prudential Regulatory ‘ Authority
•Australian Securities & Investments ,Commission
•The Australian Taxation Office ,•Authorised Representatives
|3||23 Feb|| The Regulatory Framework |
•Superannuation Industry (Supervision)
•Australian Prudential Regulatory
•Australian Securities & Investments
•The Australian Taxation Office
|4||2 Mar|| Contributions to Superannuation |
• Why Contribute to a Superannuation Fund
• Who can contribute?
• Types of Contributions
• Government Superannuation Co contribution for Low Income Earners
|Assessment Task - Case Study : Will be discussed and distributed in Class|
|5||10 Mar|| Contributions to Superannuation Funds |
• SGC the Rules
• Tax Treatment of Contributions
• Share dividend Imputation and
• Spouse Contribution Splitting
• Spouse Contributions
|6||16 Mar|| Withdrawals from Superannuation |
• Payments Made as a Consequence of Termination of Employment
• Preservation ,• Access to Superannuation
• Conditions of Release of Superannuation Benefits • What is the Meaning of ‘Retirement’
• Employer Eligible Termination,Payments ETP’S
|7||23 Mar|| Withdrawals from Superannuation |
•Superannuation Benefits ,•Taxation of superannuation pension ,benefits
•Untaxed Superannuation Schemes ,•Disability Payments ,•Transition to Retirement
|8||30 Mar|| Death Benefits, Estate & |
Retirement Planning Issues
• Superannuation Death Benefits
• Death Benefit Nomination – The
Options ,• Taxation of death benefit
• Child Allocated Pensions (CAP)
• Superannuation and Marriage
Breakdown ,• Valid superannuation agreement
• Anti Detriment Payment
|2 -8 Apr||Mid Semester Break|
|9||13 Apr|| Payment of Superannuation Benefits as Income Stream|
• Planning for Retirement
• Government key objectives in
• Retirement Income stream products
• Account based income streams
• Non Account Based Income streams
• Term certain annuities & pensions
• Lifetime pensions annuities
• Account-based pensions & annuities
|10||20 Apr|| Payment of Superannuation Benefits as Income Stream |
• Term allocated income streams
• Transition to Retirement Income
Streams Comparison of different types
of Income Steam Products
• Income rules for account-based
pensions and Annuities ,• Calculating income requirement for
Products Prior 1 July 2007 & Post 1
July 2007,• Determining taxable component of
pensions & relevant tax offset
• Re-contribution strategy,• Social Security Assessment of Income
|11||27 Apr|| Social Security |
• Treatment of Superannuation and
Rollover Investments,• Withdrawals from a Superannuation,Investment?
• Accessing Superannuation Money,before Retirement
|12||4 May|| Self Managed Superannuation Fund |
• Background to SMSFs
• What is an SMSF?
• Single Member Funds
• Small APRA Funds
• Who can establish an SMSF?
|13||11 May|| Self Managed Superannuation Funds |
 Advantages of SMSFs
Where can an SMSF Invest
Considerations in Planning for an SMSF
 Establishing a SMSF
Risk Management Statement
|Assessment Task - Case Study Due|
|16||1 Jun||Feedback -Re-submissions if required|
|17||8 Jun||Feedback -Re-submissions if required|
Students will be provided with feedback on their case studdy throughout the semester.
RMIT's Superannuation module can be found on Blackboard.
Other materials will be placed on the Blackboard and will be used when directed so by your teacher.
Overview of Assessment
Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.
You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met. You will be provided with feedback throughout the course to check their progress
Critical aspects of assessment
Evidence of the fololowing is essential:
* interpret and comply with industry regulations and codes of practice
* analyse client’s needs and advise them ethically and accurately on Superannuation products and services
* assess the impacts of taxation on client’s financial requirements for specific products offered.
You must successfully complete the assessment task to be deemed competent in this unit.
Task – Case Study (Due Date Week 13)
For this assessment task you are required to work in groups of two to three students. You will work together on a case study that addresses a number of areas of financial services. You will undertake research and develop strategies based the topic of superannuation on areas covered in from week 1 to week 9.
This assessment is divided into two parts:
Your task is to take the role of a financial adviser and provide a client(s) with a report that addresses a number of items relevant to this course including salary sacrifice, government scheme and preservation, beneficiary nominations and estate planning.
Once you have completed the written assessment you will be required to demonstrate your adviser communication skills and present your recommendations, responses and research to a client in a role play.
You will be expected to clearly identify the part(s) of this assessment that you contributed.
- Ensure that you submit assessments on or before the due date.
- Always retain a copy of your assessment tasks. (hard copy and soft copy)
- When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on blackboard.
- Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.
Late Submission Procedures
You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.
More Information: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.
More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
Resubmissions (VET Programs):
If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:
More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31
Marking Guide (Competency):
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.
Marking Guide (Grading)
After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:
Final Grades table:
CHD - Competent with High Distinction
CDI - Competent with Distinction
CC - Competent with Credit
CAG - Competency Achieved – Graded
NYC - Not Yet Competent
DNS - Did Not Submit for assessment
Further information regarding the application of the grading criteria will be provided by your teacher.
Course Overview: Access Course Overview