When you set up an SMSF, you’re in charge – you make the investment decisions for the fund and you’re personally responsible for complying with the super and tax laws. 

All trustees are equally responsible for running the fund and making decisions that affect the retirement interests of every fund member. This means you are responsible for decisions made by other trustees, even if you’re not actively involved in making the decision. 

All trustees should be actively engaged in the running of their fund. Research shows active engagement is closely tied to the successful performance of an SMSF. 

You can appoint an SMSF professional to help with your fund, however, the final responsibility and accountability lies with you, as the trustee. 

The Australian Taxation Office (ATO) is the regulator of SMSFs which means they’re responsible for ensuring compliance with the super and tax laws. They provide support products to help you understand your responsibilities as a trustee and make it as easy as possible for you to meet your obligations.