People who administer their own Self-Managed Super Funds (SMSFs) now have a free on-line tool to help them understand their role and responsibilities.
CPA Australia and Chartered Accountants Australia and New Zealand said the updated Self-Managed Super Fund (SMSF) Trustee Education Program had been recently approved by the Australian Tax Office (ATO).
It was designed to help SMSF trustees gain the skills needed to comply with legislative requirements.
CPA Australia spokesman Michael Davison said the ATO could impose penalties on trustees or direct them to undertake mandatory education.
“The SMSF Trustee Guide is specifically designed to cut through the jargon and equip people with a good understanding of the basic rules and obligations of managing their own super fund,” Davison said.
“Seeking out education is not just about improving your knowledge but also understanding your limitations so that you can seek professional advice at the right times.”
The online course has seven modules covering trustees’ role and responsibilities, investments, contributions, benefit payments, and administration. A certificate of attainment is provided upon completion of the program.
Chartered Accountants Australia and New Zealand Head of Superannuation Liz Westover said the success of the SMSF industry lay not only with the skills of the service providers but in the skills of SMSF trustees.
“It is important that trustees access all available help to avoid the risk of not complying with their obligations and to also undertake their duties with confidence,” Westover said.
Further information and the SMSF Trustee Education program at www.smsftrustee.com