Legislation and Rules - SMSF superfund
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Legislation and Rules

Rules and regulation
The Australian Taxation Office (ATO) is the principal regulator of self managed super funds (SMSFs). The Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) also have a regulatory role.



SMSFs, like any other regulated superannuation fund, are subject to numerous legislative instruments, the most relevant being:






Annual SMSF requirements
Each year, the trustees of an SMSF must:
  • prepare financial statements
  • prepare an annual return and ensure it is lodged with the ATO by the due date
  • 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.
Penalties apply for failing to meet these annual requirements.
SMSF record keeping
SMSF trustees must keep the following records for at least 5 years:
  •  accounting records detailing the SMSF’s transactions and financial position
  •  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.
SMSF trustees must 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 all reports provided to members.
Penalties apply for failing to keep records for the required period.