The Australian Taxation Office (ATO) has launched a mobile phone application to provide SMSF trustees with information to help them operate their funds more effectively.
The new application has been provided by the regulator to enable SMSF trustees to gain a better understanding of their legal responsibilities.
Specifically, trustees will have access to checklists via the app that will help them plan their compliance activities and stay on top of the important tasks they are required to complete.
In addition, trustees will be able to view educational videos and be aware of the frequently asked question by other SMSF members.
The ATO has also tailored the app for individuals considering establishing their own self-managed fund, with a special package called “Thinking about an SMSF”.
“This is designed to help people who are looking into setting up an SMSF understand what’s really involved and think about whether this major financial decision is right for them,” the ATO said.
“’Thinking about an SMSF’ is also a good refresher for new and existing trustees, with plenty of information about responsibilities and important things to consider.”
