The ATO has launched two educational courses for new and existing trustees, covering the establishment and winding-up phases of an SMSF, with an additional course on managing and administering a fund expected by the end of the year.
The regulator made the courses available to SMSF trustees as part of a plan to provide additional educational resources aimed at reducing non-compliant behaviour and preventing the illegal early access of superannuation entitlements.
“These interactive courses provide an excellent opportunity for trustees to build their knowledge and can be easily accessed from the ATO’s small business education portal,” it stated.
“Trustees can create an account and set up a personalised learning pathway, which will also record course completion. These courses form part of a suite of education products aimed at supporting SMSF trustees with their regulatory and reporting obligations.
“We will be launching the final course in the suite later in the year on running a self-managed super fund.”
The first course, “Setting up a self-managed super fund”, guides participants through the process of establishing an SMSF. It covers suitability to establish a fund, selecting a trustee structure, creating an investment strategy and managing compliance. Additionally, it includes practical steps like setting up a bank account, registering the fund and ensuring all legal requirements are met.
The second course, “Winding up a self-managed super fund”, details the steps and obligations involved in properly closing an SMSF to avoid penalties. It guides participants through planning and preparing an exit strategy, selling assets, finalising tax obligations, distributing member benefits, completing a final audit and notifying relevant parties.
Both courses include an assessment component to ensure trustees have acquired the necessary knowledge. They also provide an action-plan checklist to make sure trustees have the information and documentation required to set up or close an SMSF.
The two new courses follow the release of written guides prepared by the ATO on the same topics, with the guide for establishing a fund released in December 2021 and the guide for winding-up a fund released in July 2022.
