Accounting groups update SMSF education program

Major accounting groups CPA Australia and Chartered Accountants Australia and New Zealand this week released their updated Self-Managed Super Fund (SMSF) Trustee Education Program pointing to it carrying Australian Taxation Office (ATO) approval. 

The two groups said the program, which includes a free online tool designed to assist SMSF trustees understand their role and responsibilities in managing their fund, had been approved by the the tax office as a course of education under the new ATO Trustee penalty regime. 

Commenting on the program, CPA Australia senior policy adviser, superannuation, Michael Davison said that with the ATO recently being given additional powers to impose monetary penalties on trustees or to direct trustees to undertake mandatory education such programs would prove vital. 

“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,” he said. 

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,” she said.