A practical guide to how prospective SMSF trustees can be proactive.
SONAS WEALTH | THE SMSF COACH
SMSF TRUSTEE EDUCATION SERIES
By Cameron Holdsworth | SMSF Specialist Advisor™ | Financial Planner
Setting up an SMSF? Mandatory trustee education is on the way
If you’re planning to set up a self-managed super fund in the next year or two, you’ll probably have one more thing to do before you start. In August 2026, Financial Services Minister Daniel Mulino announced reforms that include mandatory education for trustees of new SMSFs. The training is expected to take about three hours.
That might sound like red tape. It’s actually a sensible nudge. When you run an SMSF, you’re legally responsible for your own retirement savings. Three hours of learning costs very little next to that.
You also don’t have to wait for the rules to be finalised. The ATO already runs a free three-module course, and the reforms appear to be modelled on it.
What we know so far (and what we don’t)
The detail comes from a Treasury document the SMSF Association obtained after the Minister’s announcement. Peter Burgess, CEO of the SMSF Association, discussed it at the ASF Audits Technical Seminar. He described it as an impact analysis that went further than the Minister’s speech.
The key point for prospective trustees is this:
“It’s expected all trustees of new SMSFs undertake this new training with an approximate time commitment of three hours. So that’s substantial.”
The document also points to the ATO’s existing course. Treasury hasn’t said the ATO course will be the required option. Burgess summed it up this way: “even though they have not come out and said that it must be the ATO course, it seems to be heading that way.”
These are proposed reforms, not law. Several things are still to be worked out:
- when the requirement will start
- exactly what the training must cover
- who will be allowed to deliver it
Until the rules are settled, your current obligations as a new trustee still apply. That includes signing the ATO trustee declaration, which confirms you understand your duties.
The three ATO courses you can start today
The ATO’s SMSF course has three modules that follow the life of a fund: setting it up, running it and winding it up. Together they take about three hours. They sit in the small business section of the ATO’s education content, which is why many people never find them. Use the links below to go straight there.
Module 1: Setting up your fund
This module covers the establishment stage, when you decide whether an SMSF suits you and how it will be set up. Choices made here are often hard and potentially costly to undo later, so it’s worth understanding them before you sign anything.
Setting up an SMSF (ATO course)
Module 2: Running your fund
This module covers the ongoing work of managing a fund once it’s operating. For most trustees this is where the real commitment lies, because the responsibility continues every year.
Module 3: Winding up your fund
Few people think about the end when they’re only just starting. This module explains what’s involved in closing a fund, which gives you the full picture of the commitment before you make it.
Winding up an SMSF (ATO course)
What the ATO courses don’t cover
The modules are a solid foundation, but there are some real gaps. Each one points to something to work out before you set up a fund.
Fees and running costs. The modules don’t cover things like set up fees and ongoing costs and how to compare with your existing arrangements in super funds or outside super. That’s a significant omission, because one common criticism of new SMSF trustees is that they don’t understand what a fund costs to set up and run. So we have covered some of these issues in our SMSF Suitability Questionnaire What else to do: ask for a written estimate of establishment costs and annual running costs, including accounting, audit and administration and don’t forget the management fees expected on any investments you plan to make. Then compare those costs with what you pay in your current fund. Our questionnaire will show you a comparison against the median superannuation fund as a base line benchmark.
Compliance for the assets you actually want to hold. If you’re drawn to an SMSF because you want to invest in crypto, other digital assets or direct property, general education won’t be enough. You need to understand What are the compliance obligations that relate to those things?” What to do: list the assets you plan to hold and ask your adviser about the specific rules that apply to each one. You can see the ATO guidance here on their website to assist SMSF trustees when valuing assets for superannuation purposes. We have added some additional tools in our article Guide to SMSF asset valuations.
Education that suits your stage of life. People aged 35 to 45 are currently the fastest-growing group of SMSF trustees. But how much a 38-year-old needs to know about an account-based pension (a retirement income stream paid from super) or exempt current pension income (the tax exemption on fund earnings that support retirement-phase pensions). What to do: if you’re decades from retirement, put most of your learning into contributions, investment strategy and compliance. The pension-phase material can come later.
How to prepare for your SMSF’s first Tax Return, Financials and Audit. The ATO are great at telling you what you need to do but people need guidance on how to prepare and what strategies and options you should be considering as they approach the 30 June deadline each year. Our comprehensive EOFY checklist is in its 10 year and the name says it all The Ultimate SMSF End of Financial Year Checklist 2026 Do yourself a favour and save a lot of anxiety by bookmarking that one!
The debate over who should provide the training
The SMSF Association is arguing that industry providers should be able to deliver education that counts towards the requirement. Its view is that a single ATO course would be “one size fits all”. The Association believes tailored education from service providers, who know their clients’ circumstances, would lead to better results.
This is advocacy, not a decision. The government may accept it, reject it or land somewhere in between. Either way, the ATO modules are free, and completing them now is useful however the rules end up.
What to do now if you’re considering an SMSF
- Complete the three ATO modules. It’s about three hours, it costs nothing, and you’ll be better informed for every conversation that follows.
- Get a realistic estimate of costs. Ask for setup and ongoing costs in writing, and compare them with your current fund.
- Map out the assets you plan to hold. Work out what compliance obligations come with each one, especially property, crypto and other digital assets.
- Speak to a licensed SMSF adviser. Personal advice will tell you whether an SMSF suits your circumstances, which general education can’t do.
Frequently asked questions
Do I have to do this if I already have an SMSF?
Based on what has been reported so far, the requirement is aimed at trustees of new SMSFs. The final rules haven’t been released, so check again once the legislation is published.
Are the ATO courses free?
Yes. All three modules are free to access online using the links above.
Will the ATO course be the only one that counts?
That hasn’t been decided. Treasury’s document points to the ATO course, and the SMSF Association is pushing for industry-provided education to qualify as well.
When does the requirement start?
No start date has been confirmed. These are still proposed reforms, and the timing is yet to be settled.
The bottom line
Mandatory education may feel like one more box to tick, but ultimately it protects you. An SMSF puts your retirement savings in your hands, along with the legal responsibility that comes with it. Three hours spent understanding that responsibility is a small price for going in with your eyes open. Start with the ATO modules, then fill the gaps with advice suited to your own situation.
Are you looking for advisors that will keep you up to date and provide guidance and tips like in this blog? then why not contact us at our Castle Hill or Windsor office in North West Sydney to arrange a one-on-one consultation, just click the Schedule Now button up on the left to find the appointment options.
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Cameron Holdsworth SSA™ AFP
Financial Planner & SMSF Specialist Advisor™
Tel: 02 9899 3693, Mobile: 0403 588 506
- PO Box 6002 NORWEST NSW 2153
- Suite 40, 8 Victoria Ave, Castle Hill NSW 2154
- Suite 4, 1 Dight St., Windsor NSW 2756
Corporate Authorised Representative of Viridian Advisory Pty Ltd ABN 34 605 438 042, AFSL 476223
Important information
This article is general information only and does not constitute personal financial, legal, or taxation advice. The rules governing self-managed superannuation funds are complex and fact-specific. Individual circumstances vary significantly, and the application of the rules described in this guide depends on facts that can only be properly assessed by a qualified professional. Before establishing or participating in a structure of this type, seek advice from a licensed SMSF adviser and an experienced tax lawyer. Past tax outcomes are not a guide to future tax treatment.
