Guide to self-managed superannuation funds

How your SMSF is regulated

The super system is regulated by three key government agencies:

• the Australian Taxation Office (ATO) - we administer the relevant super laws for SMSFs and work with you to help you meet your obligations
• the Australian Securities & Investments Commission (ASIC) - regulates financial services to protect consumers
• the Australian Prudential Regulation Authority (APRA) - regulates large super funds other than SMSFs.

The ATO will help you understand your duties and responsibilities as a trustee under the law and make it as easy as possible for you to comply, for the future benefit of the members of your fund. We check compliance to safeguard retirement income, but we don't evaluate your investment choices. We're responsible for administering the super and income tax laws, but not for developing the law or related policy.

Our activities include:

• verifying that a fund's primary purpose is to pay retirement benefits to its members
• providing information and forms to help you set up and manage your fund
• checking that you manage your fund in accordance with the super laws
• implementing and maintaining systems to check the laws are complied with
• taking enforcement action to correct matters when there's a breach of the law
• checking that approved auditors perform their duties to the required standard.

We don't:

• provide financial or investment advice
• advise on the structure of your fund or whether an SMSF is a sensible choice for you
• advise on resolving disputes between trustees
• recommend specific professionals or intervene if you have a dispute with a professional.

	For more information, refer to How your self-managed super fund is regulated.
	Self-managed super funds - home

Sections within Setting up an SMSF

• What it means to be a trustee
• How your SMSF is regulated
• Laws, rules and consequences
• Step 1: Appoint an SMSF professional to help you set up and run your fund
• Step 2: Work out the structure of your fund
• Step 3: Make sure you (and the other members) are eligible to be a trustee
• Step 4: Check the residency of your fund
• Step 5: Create your trust and trust deed
• Step 6: Appoint your trustees
• Step 7: Record each member's tax file number
• Step 8: Open a bank account for your fund
• Step 9: Register with the ATO
• Step 10: Prepare an investment strategy