Training in Self-Managed Super Funds


Saving is one of the best way to prepare for a comfortable life after retirement. Self-managed super funds are a way of saving for retirement. SMSFs is becoming a popular retirement vehicle, there are over 500,000 SMSF’s in Australia today. Managing your own super offers many benefits which include:
• Ability to decide how you would like to invest your retirement savings.
• Pool family assets by consolidating multiple super accounts to one larger pooled balance.
• Wider range of investment options compared to traditional retail or industry super funds.
• Reduction in the overal tax burden.
• Greater control of cost in running SMSF
• Control how benefits are passed upon death

SMSFs have become a popular way to manage retirement savings. To assist SMSFs trustees to understand the complexity of the system the Australian Tax Office has been given powers to impose monetary penalty on trustees to undertake mandatory training. Chartered Accountants Australia and New Zealand and CPA Australia have developed a free online training in self-managed super funds. The training tool is designed to educate SMSFs trustees in understanding their role and responsibilities. They will learn all the information needed to remain engaged with their super, skills needed to comply with legislative requirements and it will assist them in controlling their super investments. The training tool will also increase their capacity to identify their limitations so that they can seek self-managed super fund consultant at the right time.

Training in self-managed super funds is suitable for SMSFs trustees, as well as public practitioners and self-managed super fund consultants. At the completion of the training program, trustees will be able to understand:
• Their roles and responsibilities
• Investment restrictions imposed on trustees
• Rules and limitation regarding contributions
• Benefit payments within an SMSF
• Administration involved in an SMSF

If you are contemplating to set up an SMSF, this training program can assist you before you commit to managing your own fund.

Self Managed Super Funds RG146 Accredited Course
Financial product advisers must meet the Regulatory Guide 146 (RG 146)requirements before they can sell financial products to the general public in Australia, this includes going through an up-to-date training through a continous professional development program. This SMSF course is designed for financial planners, auditors, accountants and fund administrators wanting to give comprehensive advice to investors in SMSF. The accreditation training covers topics such as establishment, trustee responsibilities, investment strategies, paying and structuring benefits, taxation and limited borrowing arrangements.

Completion of RG146 accreditation course will enable product advisers to:
• Give advice that relates to particular assets or investment strategy, including when trustee should acquire or dispose of financial products.
• Recommend client to dispose of interest in another superannuation fund type, or financial products.
• Recommend client to change investment strategies or contribution levels on another type of superannuation fund. Give advice to switch between investment options.
• Recommend to the client not to invest in other types of financial product.
• Recommend client to join an existing SMSF if reasonably necessary to the establishment structuring, operation or valuation of the fund.