SMSF trustees facing education directives
Up to 500 SMSF trustees a year are likely to be subject to education directives that will be imposed by the Australian Taxation Office (ATO).
This is the expectation of the ATO once the necessary legislation passed the Parliament in the next few weeks, the SMSF Professionals' Association of Australia (SPAA) national conference has been told.
SPAA technical director Peter Burgess said, however, that education directives were not expected to entail more than about four hours' engagement on the part of affected SMSF trustees.
Burgess said the industry broadly welcomed the new legislation because of the flexibility it would deliver the ATO via education directives and rectification directives.
He said that in the absence of the new legislation, the ATO was largely reliant on the "nuclear option" — actually closing down a fund.
The legislative regime is scheduled to start from 1 July this year.
Recommended for you
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
