The Australian Taxation Office (ATO) requires all trustees and directors of corporate trustees of a self managed super fund (SMSF) to sign a trustee declaration. The declaration aims to ensure that new trustees understand their obligations and responsibilities. Although SMSF trustee education is not mandated by the ATO, it is prudent for new Trustees to strengthen their knowledge before establishing a SMSF.
To assist SMSF trustees in better understanding the complexity of their role, CPA Australia and Chartered Accountants Australia and New Zealand have developed a free online training tool. The program is designed to educate trustees and assist them in understanding their role and responsibilities. The SMSF trustee education program is an approved ATO course for education direction purposes and is simple and easy to use. The program is an comprehensive source for trustees looking to ensure they have all the information they need to remain engaged with their SMSF and will assist them in their goal of controlling their superannuation investments.