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  • How your SMSF is regulated

    You may need to deal with three key government agencies:

    As the key regulator for SMSFs, we 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 with your obligations and protect the future benefits of fund members. 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 is a breach of the law
    • checking that SMSF 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.
    Last modified: 16 Jun 2015QC 23307