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How your SMSF is regulated

How we regulate SMSFs and auditors, and how you can check your SMSF compliance status and report contraventions.

Last updated 1 April 2025

What we regulate

The Australian Taxation Office regulates self-managed super funds' (SMSF) compliance with super and tax laws to safeguard retirement income.

Our regulation activities include:

  • checking you manage your fund in accordance with super and tax laws
  • implementing and maintaining systems to check the legal compliance of funds
  • taking enforcement action when there is a breach of the law
  • verifying a fund’s primary purpose is to pay retirement benefits to members
  • providing information, forms and education products to help you set up and manage your fund
  • assessing applications for early release of super on compassionate grounds
  • checking SMSF auditors perform their duties to the required standard
  • investigating and referring promoters of super schemes.

We don't:

  • develop laws or related policies
  • provide financial or investment advice
  • evaluate your investment choices
  • 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.

What ASIC regulates

ASIC is the consumer protection regulator for financial services. These include:

  • investing
  • superannuation
  • deposits
  • insurance
  • financial advice.

ASIC regulates and enforces laws that promote honesty and fairness in financial products, services, and markets, as well as Australian companies. For example, ASIC regulates:

How we work with ASIC

To meet our joint regulation responsibilities, we assist ASIC by:

  • providing SMSF data to assist superannuation sector analysis
  • collaborating to develop publications and guidance material
  • providing advice regarding unlawful super schemes
  • making referrals to ASIC if we discover potentially unlicensed advice providers, or SMSF auditors who fail to meet their obligations.

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