The Australian Taxation Office (ATO) offers educational courses for SMSF trustees to help them understand their roles, responsibilities, and compliance requirements. These courses aim to enhance trustees’ knowledge about managing their self-managed super funds effectively, ensuring they adhere to regulatory standards and make informed decisions regarding investments and taxation.

Why Take the ATO SMSF Trustee Course?

While the course is not compulsory, we strongly encourage our clients to complete it before setting up their SMSF. Doing so can help avoid mistakes and potential misconceptions about SMSFs. The course covers all relevant aspects of setting up an SMSF in plain language, making it accessible and easy to understand.

How to Attend the Course

To attend the course, please visit Setting up a self-managed super fund (SMSF).

Alternatively, you can explore our website to understand how SMSFs work.

Important Questions to Consider Before Setting Up Your SMSF

Before setting up your SMSF, it’s crucial to understand the following questions:

• Superannuation Withdrawal Conditions: Do you understand that superannuation cannot be withdrawn before meeting the condition of release, such as retirement? Withdrawing funds without meeting these requirements is considered illegal early access to super.
• Investment Schemes: Has anyone approached you to set up an SMSF to sell their investments to you or to provide financial assistance by lending, etc.? Ensure you protect your super for your retirement and avoid exposing it to uncontrolled risks or investment schemes.
• Tax Returns: Are your tax returns and those of your related entities up to date with the ATO? The ATO may delay issuing the ABN for your SMSF while making further checks.
• SMSF Balance: Does your SMSF have at least $50,000 to make economic sense? Although there is no minimum balance required to set up an SMSF, the return on investment should ideally exceed the running costs.
• SMSF Specialist: Have you found an SMSF specialist to assist you with the setup, ongoing compliance, and support? It is crucial to have a professional SMSF specialist on your side to help manage your SMSF compliance so you can focus on your investments.

Contact Us

If you have any questions, please let us know. We are here to help you manage your SMSF effectively and ensure a smooth setup process.