To assist self-managed super fund (SMSF) trustees to better understand the complexity of their role, CPA Australia, along with the Institute of Chartered Accountants in Australia and the National Institute of Accountants, has developed a free online training tool.
The SMSF trustee education tool, Self-Managed Superannuation Funds Trustee Education Program, is a free service to members and trustees of SMSFs provided by the joint accounting bodies.
The tool is the first of its kind and is a public interest initiative designed to assist and educate trustees in this sector.
The program is designed to educate trustees of SMSFs throughout Australia in accordance with the ATO trustee declaration form to assist trustees in understanding their role and responsibilities.
The tool is a one-stop shop for trustees looking to ensure they have all the information they need to remain engaged with their superannuation, and will assist them in their goal of controlling their superannuation investments.
It is suitable for trustees of SMSFs, as well as a tool that public practitioners and financial advisers can advise their clients to use.
The ATO has given its support to the tool, saying, 'the ATO as regulator of self-managed superannuation funds supports the provision of information to improve trustee knowledge. The ATO congratulates the professional bodies involved in the production of this online learning package and those trustees who are using it to improve their understanding of their obligations.
'We have always seen education as a key part of our role and we believe that this package, by building knowledge, will assist trustees to comply with the super laws. We are therefore pleased to support this package and also encourage trustees to take advantage of the many publications, newsletters and information available on the ATO website.'
At the completion of the education program, trustees will be able to understand the:
- roles and responsibilities of a trustee of an SMSF
- investment restrictions imposed on trustees of an SMSF
- rules and limitations surrounding contributions and benefit payments within an SMSF
- administration involved in an SMSF