Becoming an SMSF Expert: Top Online Resources for Trustees
Education is a key component for SMSF trustees wanting to run their own funds. The SMSF Association (SMSFA) and the ATO have a lot of online resources provided free of cost. SMSFA provide subscriptions for SMSF trustees and professionals wishing to access further technical resources.
The SMSF Association is an independent professional body representing the SMSF industry which was established to improve the education and knowledge for SMSF trustees and professionals. SMSFA are politically active to ensure better legislation and regulations for the SMSF sector.
Per their website:
- “We strive to raise the standard of advice provided by all SMSF professionals and enable trustees to become better educated to make informed decisions for their retirement.”
SMSF Association Newsroom
SMSFA provide access to the latest media releases in relation to what is happening in the SMSF sector which can be found at SMSFA Newsroom. They also provide access to the latest news articles which include articles on investments, SMSFA advocacy, current SMSF issues and quarterly technical updates. The technical updates require you to be a member to access the articles.
The latest news articles cover the update on the controversial Division 296 proposed legislation and the ATO’s compliance stance with regard to minimum pension underpayments.
Become an SMSF Specialist
The SMSFA provide pathways for a professional to become an SMSF Specialist Advisor for accountants and financial planners or an SMSF Specialist Auditor for auditors.
An SMSF specialist designation is valued in the industry because it shows your expertise to clients, employers, and associates.
The process to become an SMSF Specialist include:
- Apply to be an associate member of SMSFA – minimum entry level requires a relevant tertiary qualification at a minimum diploma level or an existing registered tax agent or tax (financial) adviser
- Undertake the:
- SMSF Specialist Advisor (SSA) accreditation program; or
- SMSF Specialist Auditor (SSAud) accreditation program; or
- Master of Financial Planning with Kaplan Professional include an elective “SMSF Regulation and Taxation Unit” allowing you to graduate with the SSA designation.
In addition to the above a unique pathway is available for certified financial planner (CFP) to attain the SSA designation. A CFP is only required to sit an on-line examination as they are exempt from completing the education modules.
ATO education links
The ATO have several links to various education modules SMSF education products to help SMSF trustees understand what an SMSF is and how to run an SMSF and the obligations of an SMSF trustee.
The ATO education modules are wide ranging and cover:
- Starting an SMSF
- Setting up an SMSF
- Running an SMSF
- Winding up an SMSF
All members of an SMSF must also be the trustees of their SMSF, with some exceptions, or the directors of the SMSF corporate trustee. You can outsource aspects of the set up and operation of your SMSF. Ultimately, the running of an SMSF is the responsibility of the trustee and it is crucial to have a basic understanding of the superannuation laws and the fiduciary obligations of a trustee.
Online resources provide useful information, but there are times when discussing particular SMSF circumstances directly with a knowledgeable individual is necessary. Our staff have experience and understanding of SMSF operations and compliance, and SMSF lawyers are available to address more complex superannuation questions.