The ATO is the regulator of SMSF’s. Although Trustees call on various professionals, such as accountants, tax agents, financial planners, administrators and approved auditors, to assist them with meeting their responsibilities and obligations, it is the Trustees who are ultimately responsible for the running of a SMSF.
The vast majority of Trustees operate their Funds properly and the ATO would work with Trustees to help them correcting mistakes and fix problems which may occur inadvertently. However, where the Fund is operated deliberately or persistently outside the rules, the ATO will not hesitate to take action, including winding up Funds, disqualifying Trustees and making Funds non-complying.
To assist Trustees and educate them, the following excellent publications are available for free download:
1. Thinking about SMSFs – Six steps to work out if managing your own Super is right for you
2. Setting up a SMSF – What you need to know
3. Running a SMSF – Your role and responsibilities as a Trustees
4. SMSFs – key messages for Trustees
5. Trustee declaration
6. Claiming a deduction for personal super contributions
7. Winding up a SMSF
The ATO releases information on a quarterly basis. It is clear from the statistics that SMSF’s is a rapidly growing industry. For example there 425,300 SMSF’s in existence now. For more information, CLICK HERE.
When there’s uncertainty on tax or regulation matter over a SMSF, you can approach the ATO directly for SMSF specific advise.