24 Apr 1212 Education for SMSF trustees
The ATO advises that it may direct a trustee who has contravened legislation to undertake an educational course. The course would cover the duties of the trustee according to the Trustee Declaration and provide trustees with a minimum level of knowledge of their regulatory obligations. If the trustee does not satisfactorily complete the course, we could apply administrative penalties and take further action as required.
The education may be provided by a body (which could include commercial providers) approved by the regulator. Completion of the education course is expected to improve the trustees' ability to meet their regulatory obligations and reduce the risk of other contraventions being committed.
This measure is part of the suite of measures announced within Stronger Super, intended to address the potential risks and inconsistencies found under current law.