SMSF Reforms 2026: What's Been Announced & What Trustees Need to Know
- Future Accounting
- 2 hours ago
- 6 min read
Written by: Catherine Neville
If you have an SMSF — or you’re considering establishing one — you may have seen recent headlines about proposed changes affecting super, including SMSFs.
On 19 August 2026, the Federal Government announced a package of reforms aimed at strengthening consumer protections across Australia’s superannuation and financial services system.
The most important point for SMSF trustees right now? These announced SMSF changes are not yet new compliance requirements.
So, there’s no reason to panic or make rushed decisions.
However, the proposals are significant enough that existing and prospective SMSF trustees should understand what may be coming. The SMSF Reforms 2026 are still at the proposal stage, so current SMSF rules and obligations continue to apply.
Why are SMSF reforms being considered?
The Government’s broader reform agenda follows concerns arising from recent financial and investment failures and is intended to strengthen consumer protection across superannuation, financial advice and investment.
The Government has indicated that it wants Australians to have greater protection when making decisions involving their retirement savings, while also strengthening the sustainability of the Compensation Scheme of Last Resort (CSLR).
For SMSFs, this could mean additional requirements at establishment and greater oversight of certain activities.
What SMSF Reforms 2026 Have Been Announced?
The Government's fact sheet is fairly light on detail at this stage. The final detail will depend on the legislative and consultation process, but the measures announced include several areas particularly relevant to SMSF trustees.
1. Greater scrutiny of rollovers into new SMSFs
One of the proposed changes would give the ATO greater ability to intervene where there is a well-founded concern about potential consumer harm associated with a new SMSF.
The intention is to provide another safeguard against fraud, financial abuse and inappropriate conduct involving retirement savings.
For legitimate SMSF trustees, the practical question will be how these safeguards are designed and whether they result in additional checks or delays when establishing and funding a new SMSF.
2. Trustee education before establishing an SMSF
Proposed reforms would introduce basic knowledge requirements for people becoming SMSF trustees.
We actually see value in trustees being properly informed.
Running an SMSF gives you significant control over your retirement savings, but that control comes with legal and compliance responsibilities.
Understanding those responsibilities before establishing a fund can help trustees make a much better decision about whether an SMSF is appropriate for them.
The key will be ensuring any education requirements are practical, accessible and genuinely useful rather than simply creating another administrative hurdle.
3. Clear identification of SMSF bank accounts
The reforms also contemplate requirements around SMSFs maintaining clearly and uniquely identifiable bank accounts.
This sounds fairly straightforward, but it raises an interesting question: how different will the new requirements be from what SMSF members are already expected to do?
SMSFs already operate under strict rules regarding the separation of fund assets from personal assets, so we'll be watching closely to see what additional 'uniquely identifiable' requirements are ultimately proposed in this area.
4. Greater focus on SMSF investment strategies
SMSF trustees are already required to formulate, regularly review and give effect to an investment strategy.
Under the announced reforms, there may be an increased focus on having an appropriate written investment strategy in place from establishment and potentially improving the quality of those strategies.
This is an area where trustees should already be paying attention.
An SMSF investment strategy shouldn’t simply be a document prepared for the annual audit. It should reflect the fund’s actual circumstances, including its objectives, asset allocation, liquidity requirements, risks and members’ needs.
5. Greater disclosure around financial advice and fees
Newly established SMSFs may also face additional disclosure requirements regarding financial advisers involved in establishing the fund.
New SMSFs will be required to disclose to the ATO any financial adviser involved in their establishment. In addition, SMSF annual financial statements will include a dedicated line-item identifying advice fees deducted during the year.
Greater transparency can be positive, particularly where it helps trustees understand exactly what they are paying and who is providing advice.
6. Increase to the SMSF supervisory levy
The Government has also announced an increase in the SMSF supervisory levy from $259 to $295.
This levy has been $259 since the 2024/15 financial year. The bigger change is that the levy will be brought forward so that it is paid when the SMSF is established.
For most established SMSFs, this increase alone is unlikely to materially affect whether an SMSF remains appropriate. The Government says the increase will help ensure the ATO has the resources it needs to engage with new trustees and protect SMSF members from financial abuse, scams, fraud and misconduct.
However, when considering establishing an SMSF, it reinforces an important point: an SMSF should be assessed on its total costs and benefits, rather than simply the appeal of having greater investment control.
7. Changes involving the Compensation Scheme of Last Resort (CSLR)
The Government is also proposing changes to the funding of the Compensation Scheme of Last Resort, including bringing SMSFs into the levy arrangements, which may attract some concern from SMSF trustees.
SMSFs will be required to contribute to the CSLR in years where a special levy is required - including 2026/27.
The Government has indicated that individual SMSFs are likely to contribute no more than $20 per leviable period. The overall SMSF sector levy will be scaled according to the relative size of the SMSF population's assets compared with the APRA-regulated sector.
So, while SMSFs will now be part of the funding mechanism, the individual impact is expected to be relatively small. The final design and cost implications for SMSFs will be important details to watch as the reforms progress.
Does this mean you should set up an SMSF before the rules change?
Not necessarily.
We would caution against establishing an SMSF simply because regulatory changes may be coming.
An SMSF should be established because it makes sense for your circumstances, retirement strategy and objectives - not because of a deadline created by speculation about future legislation.
Likewise, existing SMSF trustees shouldn't make major changes based solely on headlines.
At this stage, the better approach is to stay informed rather than react.
What should SMSF trustees do now?
For existing SMSF trustees, it remains business as usual.
Continue to focus on the fundamentals:
keep your fund compliant;
ensure your investment strategy remains appropriate and is regularly reviewed;
maintain proper separation of SMSF and personal assets;
keep accurate records;
understand the investments being made by your fund; and
seek professional advice when your circumstances or strategy change.
If you’re considering establishing an SMSF, the proposed reforms make good advice and proper planning even more important.
Before proceeding, you should understand the responsibilities involved, likely establishment and ongoing costs, your intended investment strategy and whether an SMSF genuinely provides benefits compared with your existing superannuation arrangements.
The bottom line
There are potentially significant changes ahead for the SMSF sector - but announced reforms and current law are not the same thing.
As always, the detail will matter.
At 3Ps Future Accounting, we'll continue to monitor the proposed SMSF reforms as they develop and help our clients understand what changes are actually legislated, when they take effect and what action - if any - is required.
For now, there is no need for existing SMSF trustees to panic.
But it is a timely reminder that managing your own super comes with significant responsibility - and having the right structure, strategy and professional support around you matters.
Thinking about setting up an SMSF or wondering how the proposed changes could affect your existing fund?
Contact the team at 3Ps Future Accounting to discuss your circumstances before making any decisions.
Disclaimer
This article does not constitute financial advice and is for general information only. It does not take into account any individual’s personal objectives, situation or needs, and is not intended as professional advice. Any similarity to an individual’s personal circumstances and the examples provided in this article is purely coincidental. Any person acting upon such information without receiving specific advice, does so entirely at their own risk.
Authorisation under an Australian Financial Services Licence (AFSL) is not required in the provision of this article and the author plus Future Accounting Group Pty Ltd is not acting in its capacity as an Australian Financial Services Licence holder
Liability limited by a scheme approved under professional standards legislation.
