Education for self-managed super fund trustees

This proposed amendment will enable the Commissioner to direct self-managed super fund trustees to undertake a course of education when a contravention of the superannuation legislation has occurred.

The course would cover the duties of the trustee according to the Trustee Declaration and provide trustees with a minimum level of knowledge of their regulatory obligations. If the trustee does not satisfactorily complete the course, we could apply administrative penalties and take further action as required.

The education may be provided by a body (which could include commercial providers) approved by the regulator. Completion of the education course is expected to improve the trustees' ability to meet their regulatory obligations and reduce the risk of further contraventions being committed.

This measure is part of the suite of measures announced within Stronger Super, intended to address the potential risks and inconsistencies found under current law.

Media release

For more information, refer to media release no. 074, Stronger Super - Self Managed Super Funds Reforms, issued on 10 May 2011 by the Assistant Treasurer and Minister for Financial Services and Superannuation.

More information For more information, visit Stronger Super.