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New SMSF education directions

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Running a self-managed superannuation fund (SMSF) gives you control over your retirement savings.

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It also means you’re responsible for following complex rules. When things go wrong, education directions are becoming an increasingly important part of the ATO’s governance approach.

Instead of immediately hitting you with penalties, the ATO can require you to complete an approved course about your trustee responsibilities. Practice Statement PS LA 2026/1 clarifies when the ATO will use this tool.

You might receive an education direction if your SMSF has breached superannuation rules and the ATO believes your lack of knowledge contributed to the mistake. the breach wasn’t malicious or fraudulent and you haven’t received an education direction before.

Common contraventions that might trigger an education direction include making loans to members, accessing super early, exceeding investment limits or failing to separate your personal assets and fund assets.

If you receive an education direction, you must complete the specified course within the given timeframe, provide evidence of completion to the ATO and sign or re-sign your trustee declaration within 21 days. Failing to comply results in penalties of up to 10 penalty units (potentially thousands of dollars in fines) and could lead to more serious consequences like trustee disqualification.

Even if you weren’t directly involved in the breach, you can still receive an education direction if you were a trustee when it occurred. All SMSF trustees are jointly responsible for compliance.

 

 

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