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Important assessment information
Aims of this assessment
This assessment covers the fundamentals of superannuation. It covers rules around contributing to superannuation such as the work test, as well as contribution limits (both concessional and non-concessional). Salary sacrifice strategies are addressed, as are the differences around a superannuation fund in accumulation phase versus pension phase. Tax consequences across contributions to super, money held within the accumulation phase, and lump sum withdrawal of benefits (inclusive of pension payments) is also explored. SMSFs are addressed including important tests such as the sole purpose test, and in-house asset test. The use of business real property including in-specie contributions into superannuation is also addressed in the context of SMSF strategies.
Marking and feedback
This assignment contains 4 assessment activities each containing specific instructions.
This particular assessment forms part of your overall assessment for the following units of competency:
If you are enrolled in SMSF units, the following units are also applicable.
Grading for this assessment will be deemed “competent” or “not-yet-competent” in line with specified educational standards under the Australian Qualifications Framework.
What does “competent” mean?
These answers contain relevant and accurate information in response to the question/s with limited serious errors in fact or application. If incorrect information is contained in an answer, it must be fundamentally outweighed by the accurate information provided. This will be assessed against a marking guide provided to assessors for their determination.
What does “not-yet-competent” mean?
This occurs when an assessment does not meet the marking guide standards provided to assessors. These answers either do not address the question specifically, or are wrong from a legislative perspective, or are incorrectly applied. Answers that omit to provide a response to any significant issue (where multiple issues must be addressed in a question) may also be deemed not-yet-competent. Answers that have faulty reasoning, a poor standard of expression or include plagiarism may also be deemed not-yet-competent. Please note, additional information regarding Monarch’s plagiarism policy is contained in the Student Information Guide which can be found here: https://www.monarch.edu.au/student-info/
What happens if you are deemed not-yet-competent?
In the event you do not achieve competency by your assessor on this assessment, you will be given one more opportunity to re-submit the assessment after consultation with your Trainer/ Assessor. You will know your assessment is deemed ‘not-yet-competent’ if your grade book in the Monarch LMS says “NYC” after you have received an email from your assessor advising your assessment has been graded.
Important: It is your responsibility to ensure your assessment resubmission addresses all areas deemed unsatisfactory by your assessor. Please note, if you are still unsuccessful in meeting competency after resubmitting your assessment, you will be required to repeat those units.
In the event that you have concerns about the assessment decision then you can refer to our Complaints & Appeals process also contained within the Student Information Guide.
Expectations from your assessor when answering different types of assessment questions
Knowledge based questions:
A knowledge based question requires you to clearly identify and cover the key subject matter areas raised in the question in full as part of the response.
Skill based questions:
Where you are asked to write as though you are speaking to a client, your answers must show your ability to:
- understand your client’s concerns/perspective/views
- show empathy
- display a professional response
- explain ideas clearly and simply so your client can understand the issues