SMSF Association Submission – ANAO Performance Audit – ATO regulation of self-managed superannuation funds

The SMSF Association welcomes the opportunity to contribute to the Australian National Audit Office’s performance audit of the Australian Taxation Office’s regulation of self-managed superannuation funds (SMSFs). The audit is timely. Since the ANAO last examined SMSF regulation in 2007, the sector has grown substantially, now representing more than $1 trillion in retirement savings. The regulatory framework must therefore be robust and trusted. We recognise that the regulatory environment has become more complex and the ATO’s role has evolved from a largely educative model to a more active regulatory model.