The ATO has approved an AMP SMSF trustee education course as satisfying the requirements of a trustee education direction.
The ATO has the power, from 1 July 2014, to direct the trustee of an SMSF, or the director of a SMSF corporate trustee, to undertake a course of education, if there has been a contravention of superannuation law.
A new course has now been approved by the ATO as meeting the requirements of an education direction – the AMP SMSF Trustee Course. The course consists of five modules:
- Being an SMSF trustee
- Contributions to your SMSF
- Making investments
- Payments from your SMSF
- Administration and reporting
“The course has been designed as an interactive and engaging experience, including ‘Ask an expert’ pop-ups and links to ATO videos, checklists and references that help SMSF trustees manage their fund,” said AMP.
“The course is currently delivered through SuperConcept’s direct-to-trustee brand, AMP SMSF and can be completed in one sitting or across several sessions.”
SuperConcepts General Manager of Technical and Education Services, Peter Burgess, said: “Running an SMSF can be a complex task, which requires an understanding of many rules and regulations to be compliant. We know this can present challenges for trustees who are time poor or have only recently established an SMSF.”
“We have invested in the online course to help simplify the key requirements and responsibilities for SMSF trustees. We firmly believe in the importance of education in providing trustees with the best opportunity to successfully manage and grow their fund,” he said.
Each course is free, conducted online and not limited to people subject to an education direction.
“If you are a new SMSF trustee, or would like to update your knowledge, we encourage you to undertake a course to improve your understanding of SMSF trustee obligations,” says the ATO.
“Having a Self Managed Super Fund (SMSF) is an empowering decision, but the role of a trustee isn’t always easy,” says the AMP SMSF Trustee Course.
“The rules and regulations of SMSFs need to be understood and your knowledge must be kept up to date so you can make the most of your fund and keep it compliant.”
“Register today for this free online trustee course and take advantage of the best technical minds in the SMSF industry.”