The Australian Securities and Investment Commission and the Australian Taxation Office are joint regulators of the SMSF industry, including all audit facilities. Key responsibilities of the ATO include:

  • Reviewing SMSF auditors’ work in accordance with their duties.
  • Checking SMSFs and their management in accordance with the law.
  • Providing information for trustees and auditors to remain compliant.

They will not provide insight on investment strategies, rework the law or provide dispute resolution. Generally speaking, the ATO’s responsibility is enforcing existing legislation. ASIC undertakes legislative action against non-compliant auditors, and are a useful resource of information on changes to the industry or recent cases.

ASIC also enforces the Corporations Act 2001, which has some bearing on superannuation funds more generally.