Smith, who stepped down from the captaincy earlier on Sunday, had accepted the charge, cricket's global governing body said in a statement.
“The decision made by the leadership group of the Australian team to act in this way is clearly contrary to the spirit of the game, risks causing significant damage to the integrity of the match, the players and the sport itself and is therefore ‘serious’ in nature," ICC chief executive David Richardson said.
"As captain, Steve Smith must take full responsibility for the actions of his players and it is appropriate that he be suspended."
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Australia opener Cameron Bancroft has been fined 75 percent of his match fee and handed three demerit points after he was caught on camera tampering with the ball on day three of the test. (Reporting by Ian Ransom; Editing by Pritha Sarkar)
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