Accounting bodies release SMSF education course
In light of the ATO’s new penalty regime, CPA Australia and Chartered Accountants Australia and New Zealand have released their updated SMSF trustee education program.
The course was recently approved by the ATO as a course of education under the new ATO trustee penalty regime, which came into effect on July 1 this year.
As part of the regime, the ATO may give a trustee a written direction to undertake an approved course of education where the ATO reasonably believes the SMSF trustee has contravened the SIS Act or SIS Regulations.
“It is now more important than ever for SMSF trustees to fully understand their role and responsibilities when managing their own super fund,” said Michael Davison, CPA Australia’s senior policy adviser - superannuation
Chartered Accountants Australia and New Zealand's head of superannuation, Liz Westover, said the success of the SMSF industry lies both with the skills of the SMSF service providers and in those 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.