SMSF rules are easier to follow once you know the basics. This isn't a full guide. It is a short primer on three rules that make life as a member or trustee much easier.
Why learn them if an accountant prepares the accounts and an auditor checks them? Because as a trustee you are legally responsible for the fund, and nobody cares about your retirement savings as much as you do.
1. It happens every year
An SMSF has to be looked after every year. Each year the fund needs its accounts prepared, an audit by an approved SMSF auditor, and an annual return lodged with the ATO. Investing well counts for little if the fund falls behind on these.
2. The duties are yours
Signing papers and taking advice isn't enough. Every trustee has duties under the superannuation laws, including keeping certain records and signing certain documents. Your accountant and auditor will help, but the responsibility stays with you. Learn what your duties are, and ask your accountant or auditor when you're unsure.
3. Keep good records
Keep the fund's records in order all year: the trust deed, minutes of trustee decisions, investment and property documents, bank statements and member details. Your accountant will need them to prepare the accounts, and your auditor will need them to check the fund.
If you're a trustee, your accountant or financial planner can tell you more about these rules.