Who regulates SMSFs?

The Australian Taxation Office (ATO) regulates SMSFs ensuring that all SMSF’s comply with Super Laws.

Your appointed independent auditor each year will not regulate your SMSF but will oversee that your SMSF is complying with super rules.  It is the auditor’s job to report any issues it deems to contravene super laws to the ATO.  Your auditor is regulated by ASIC, the Australian Securities & Investment Commission.  Each SMSF auditor in Australia must be registered and had been issued an auditor number.

Your appointed Tax agent is regulated by the ATO.

The regulation of your SMSF aside, the trustees of your SMSF are fully responsible for the ongoing conduct of the SMSF.  Even though you may outsource various parts of your SMSF to others and rely on their professional conduct, responsibilities ultimately rest with the trustees.