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:
- Australian financial services (AFS) licensees and their financial advisers who must be registered with ASICExternal Link
- registeredExternal Link SMSF auditors
- Australian companies, including companies that are corporate trustees of an SMSF.
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.