Under the new penalty regime for SMSF trustees, the ATO can direct a trustee or a director of a corporate trustee of an SMSF to undertake an approved course of education if they have contravened superannuation law.
SPAA head of education services Liz Ward said when the ATO directs trustees to complete an SMSF education program after reviewing their SMSF, the SPAA Trustee Education Program will now be on its approved list.
Ms Ward said the eight module program has been developed to assist trustees better understand their obligations.
“The program is also a great exercise for individuals who are considering establishing an SMSF, giving them a good foundation in all aspects of SMSFs,” she said.
Ms Ward added that it is “very important” that trustees fully understand their responsibilities and avoid any risk of not complying with all regulations.
“A healthy SMSF sector needs competent participants; it is SMSF trustees, using their own knowledge and skills, combined with their SMSF professional support team, which underpins a sustainable SMSF sector,” she said.