Understanding Compliance and Regulation for Australian SMSFs

Understanding Compliance and Regulation for Australian SMSFs

Managing a self-managed super fund (SMSF) requires a thorough understanding of the regulatory landscape governing these retirement funds.

First and foremost, trustees must ensure that their fund is established and maintained in accordance with the Superannuation Industry (Supervision) Act 1993 (SISA) and the accompanying regulations.

Furthermore, SMSFs are subject to strict investment restrictions, including the prohibition of lending to members or their relatives, acquiring assets from related parties, and investing in in-house assets beyond prescribed limits and is why it is encouraged for trustees to seek out professional advice prior to making any investment decisions.

Additionally, SMSFs must fulfill reporting and record-keeping obligations, such as lodging annual tax returns, providing financial statements to members, and maintaining accurate documentation of transactions and decisions.

To stay informed about the ever-evolving regulatory landscape and proactively fulfill compliance obligations, we recommend you contact SMSF Live to assist you with your compliance obligations and any compliance concerns.