SMSF trustee education program

Key Points

  • The Institute has jointly produced an online tool to help boost SMSF trustee education
  • The tool is free and available on the Institute website
  • Upon completion of the education program, trustees will be able to better understand their role and responsibilities in running an SMSF.

The accounting profession is integral to the Self Managed Superannuation Fund (SMSF) sector. Most, if not all, SMSF trustees use the services of an accountant. Institute members play a vital role, not just in ensuring trustees remain compliant within their SMSF, but also in ensuring the financial literacy of trustees continues to improve.

With this in mind, the Institute, along with the other professional accounting bodies, developed a new online tool for members to promote to clients who are trustees of SMSFs.

The tool, Self Managed Superannuation Fund Trustee Education Program, is a free resource, and the first of its kind designed to help trustees better understand their obligations in running an SMSF.

‘While SMSF trustee education is not mandated by the government, the Institute strongly encourages members to direct new clients to the site prior to establishing an SMSF. Trustees who have recently joined an existing SMSF should also be directed to the program,’ said Liz Westover, the Institute’s Head of Superannuation.

Throughout the program each element of the ATO’s SMSF Trustee Declaration is addressed.

Over seven modules, trustees will learn key rules around:

  • Investments
  • Contributions and benefit payments
  • Administration.

Upon completion of the program trustees will be equipped to confidently sign the Trustee Declaration form, knowing they have satisfied all the competencies expected of them.

The Self Managed Superannuation Fund Trustee Education Program follows the release of Competency Requirements for Auditors of SMSFs, which was released and adopted by all members of the Joint Accounting Bodies in 2008.

The SMSF trustee education tool is available at www.smsftrustee.com.

Article last updated 24 October 2011