SMSF Regulations

SMSFs are regulated by the ATO. There are several excellent ATO booklets explaining the SMSF’s rules and your responsibilities as a Trustee. To access the list of ATO publications for SMSFs, click here.


Annual SMSF requirements

On an annual basis Trustees of an SMSF must:

  • prepare financial statements
  • prepare an annual return and ensure it is lodged with the ATO by the due date (usually 15 May for the previous year to 30 June)
  • appoint an Approved Auditor to examine the SMSF’s financial statements and assess the compliance status of the SMSF at the end of each financial year, and
  • pay the supervisory levy and the SMSF’s tax liability when due.

Record keeping for an SMSF

Trustees must keep the following records for at least 5 years:

  • accounting records detailing the SMSF’s transactions
  • annual operating statements and annual statement of the SMSF’s financial position
  • copies of annual returns lodged, and
  • copies of any other statements lodged with the ATO or provided to other super funds.

Trustees should keep the following records for 10 years:

  • minutes of all trustee meetings
  • change of trustee records
  • change of director records, if the SMSF has a corporate trustee
  • trustee declarations, for trustees appointed after 30 June 2007
  • written consent by members appointed as trustee, and
  • copies of Member Reports.

Examples of these documents can be downloaded from our Downloads section.

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