The ATO has recently launched a series of education videos for existing and potential SMSF trustees. The topics covered include areas such as administrative requirements, paying a pension, choice of trustee and the sole purpose test.In addition to the current library of 10 Youtube videos, the ATO is really stepping up to the plate when it comes to utilising technology to educate and assist SMSF trustees with the launch of a new mobile phone app.
The new application has been provided by the regulator to enable SMSF trustees to gain a better understanding of their legal responsibilities. Specifically, trustees will have access to checklists via the app that will help them plan their compliance activities and stay on top of the important tasks they are required to complete.
In addition, trustees will be able to view educational videos and be aware of the frequently asked question by other SMSF members.
The ATO has also tailored the app for individuals considering establishing their own self-managed fund, with a special package called “Thinking about an SMSF”.
“This is designed to help people who are looking into setting up an SMSF understand what’s really involved and think about whether this major financial decision is right for them,” the ATO said.
“‘Thinking about an SMSF’ is also a good refresher for new and existing trustees, with plenty of information about responsibilities and important things to consider.”
A full list of the 10 currently SMSF videos is available on Youtube here.