However, the ATO warned that before appointing any professional, it is important that trustees make sure the person or organisation they are dealing with is legitimate.

The ATO noted that ASIC has information about choosing an adviser on its website and also keeps a register of licensed advisers in addition to its register of approved SMSF auditors.

The Tax Practitioners Board keeps a register of registered tax agents.

“You should review the ASIC and TPB registers to ensure your professionals are still registered,” the ATO said.

“If they are no longer registered, you should appoint new professionals.”

The ATO’s update this week follows recent reports that scam artists have been posing as legitimate and regulated financial services companies in Australia in order to obtain critical information from SMSF trustees and steal their retirement savings.

Cybercrime investigation company IFW Global, which recently investigated an SMSF scam operation operating in the Philippines, warned that SMSF scams were becoming increasingly prevalent.

“Tempted by the large sums and equipped with the advanced technology to devise sophisticated schemes, more and more scammers around the world are trying to get their hands on Australian pensions,” it stated.

The ATO also reminded SMSF trustees that all members and trustees are responsible for running their SMSF.

"If you use a professional, you're still responsible for making sure your SMSF meets its obligations and follows super law," it stated.