Proposed Superannuation Reforms: What SMSF Trustees Need to Know

Treasury has released a factsheet outlining the Government’s proposed reforms, with several measures specifically relevant to Self-Managed Superannuation Funds (SMSFs).

Key proposed SMSF reforms

🔹 Stronger ATO powers over SMSF rollovers
The ATO could be given greater powers to prevent rollovers into newly established SMSFs where it is investigating concerns involving fraud, financial abuse, misconduct or potential harm.

🔹 Mandatory SMSF trustee education
New SMSF trustees may be required to complete trustee education before an SMSF can be registered, with further initiatives proposed to improve standards across the SMSF sector.

🔹 Unique SMSF bank accounts
SMSFs may be required to maintain uniquely identifiable bank accounts, making it easier to distinguish SMSF transactions and strengthen protections against fraud and financial abuse.

Other proposed superannuation reforms

The broader reform package also covers:

• APRA-regulated fund member protections
• Superannuation lead generation and marketing practices
• Managed investment fund governance
• Scaled financial advice
• Changes to the Compensation Scheme of Last Resort (CSLR), including potentially including all SMSFs as Tier 3 levy payers when a special levy is required in future.

What does this mean for SMSF trustees?

If implemented, these reforms could increase the importance of SMSF trustee education, proper record keeping, bank account controls and compliance procedures.

For existing SMSF trustees, it is worth keeping up to date with the proposed changes and understanding how they may affect your fund.

Important: These are proposed reforms and may change before legislation is introduced and implemented.

At iCare Super, we help SMSF trustees stay on top of their SMSF administration, compliance and regulatory obligations.

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