The responsibility of the SMSF ultimately lies with the trustees.  The trustee must execute their duties in accordance with the following:

1.    SMSF trust deed;

2.    The Superannuation Industry (Supervision) Act 1993;

3.    The Superannuation Industry (Supervision) Regulations 1994;

4.    Income Tax Administration Act 1997;

5.    Tax Administration Act 1953; and

6.    The Corporations Act 2001.

Superannuation Funds are regulated by:

1.    The Australian Government – Makes the laws.

2.    Australian Taxation Office (ATO) – Regulates SMSF in accordance with the superannuation laws.

3.    Australian Securities and Investments Commission (ASIC) – Regulates financial services provided to clients.

4.    Australian Prudential Regulation Authority (APRA) – Regulates superannuation funds other than SMSF and exempt public sector superannuation funds.

Typically the trustee will use advisors such as an accountant and financial planner to navigate their way through the above.

If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com

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