Small businesses that run a self-managed superannuation fund (SMSF) should have the same minimum education standards as financial planners, according to the Association of Superannuation Funds of Australia and the Financial Planning Association of Australia.
But Peter Bishell, CEO of the new Self Managed Superannuation Members Association, says most members rely on accountants anyway and should just teach themselves the basics so they understand what’s happening with their super.
"You don't need 700,000 super experts in the country and they don't need to know how everything under the hood works. You just need the basics," he said. “You have to give the sector the opportunity to self-regulate first.”
This financial year, the Australian Tax Office will be looking especially closely at SMSFs managed by struggling businesses.
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