SMSF’s are regulated by the ATO. Although Trustees call on various professionals such as accountants, tax agents, financial planners, administrators and approved auditors to assist them in meeting their responsibilities and obligations, the ultimate responsibility for the running an SMSF lies squarely with the Trustees.
The vast majority of Trustees operate their Funds within the rules, and the ATO is happy to work with Trustees to help them correct mistakes or fix any problems that may have occurred inadvertently. However, where the Fund is operated with deliberate or persistent disregard for the rules, the ATO will not hesitate to take actions, including winding up Funds, disqualifying Trustees and issuing the fund with a notice of non-compliance.
To assist and educate Trustees, the following excellent publications are available for downloading:
- Thinking about SMSF’s – Six steps to work out if managing your own Super is right for you
- Setting up an SMSF – What you need to know
- Running an SMSF – Your role and responsibilities as a Trustee
- SMSF’s – key messages for Trustees
- Trustee declaration
- Claiming a deduction for personal super contributions
- Paying benefits from an SMSF
- Winding up an SMSF
The ATO releases information on a quarterly basis. It is clear from the statistics that SMSF is a rapidly growing industry. For example there are currently close to 500,000 SMSF’s in existence.
When there are any uncertainties about a tax or regulatory matter concerning an SMSF, you can approach the ATO directly for SMSF specific advice.
