The three major accounting bodies in Australia have developed and launched a new training tool for self-managed superannuation fund (SMSF) trustees aimed at improving their understanding about their obligations and their knowledge about the sector.
The Institute of Chartered Accountants in Australia, CPA Australia, and the National Institute of Accountants have come together under the Joint Accounting Bodies (JAB) banner to provide the Self-Managed Superannuation Fund Trustee Education Program.
The facility is free and can be accessed via the internet.
According to the JAB, an SMSF trustee should be aware of their roles and responsibilities as a trustee of a fund, the investment restrictions they must abide by, the rules governing contributions and benefits payments within the super fund, and the administration requirements of an SMSF.
The program has been designed to cover every issue a trustee needs to know so they can sign the Australian Taxation Office's (ATO) trustee declaration with confidence.
"We congratulate 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," the ATO said upon reviewing the new service.
While the JAB does not agree with the introduction of mandatory education for SMSF trustees, it did feel the need to initiate a voluntary educational tool to try to improve the financial literacy of these individuals.
The training portal has the ability to be updated with new developments in the sector, should they lead to a change in the responsibilities of SMSF trustees.
