SMSF Education: Why Trustees Should Act Now

Self-managed super funds (SMSFs) give trustees control, but with that comes legal obligations. The ATO has made it clear that education is not optional – it’s a critical part of avoiding costly mistakes.

The Importance of Trustee Knowledge

• Trustees cannot comply with rules they don’t understand.
• Early identification of issues reduces risk and protects members’ retirement savings.
• Being proactive demonstrates intent to comply, which can be persuasive if questions arise.

Practical Steps

• Complete ATO SMSF courses on setup, running, and winding up your fund.
• Take the online “knowledge check” and aim for thorough understanding.
• Document all training and decisions made, showing proactive compliance.
• Seek professional advice promptly if you’re unsure about any aspect of your fund.

SMSF trustees carry both opportunity and responsibility. If you’d like help reviewing your trustee obligations, completing SMSF training, or ensuring your fund is fully compliant, contact us at Simmons Livingstone. Call 1800 618 800 or email admin@simmonslivingstone.com.au.