Smith leaves FHM Australia as its editor, the same role he will fill at Nuts. He was previously the managing editor of Heat and FHM in the UK.
His immediate task will be to increase sales of Nuts, which posted a flat circulation of 304,785 for the six months of the year to the end of June. It remains the market-leading men's weekly ahead of Zoo.
Smith replaces Phil Hilton, who stepped down from the post after three years. Eric Fuller, the managing director of IPC ignite!, said: "Dom's background is perfect - great experience in editing a market leader, complete fluency in the UK men's market and totally at home with the fast pace of a topical mass-market weekly."
IPC Media has also confirmed that it is launching a women's weekly in conjunction with Groupe Marie Claire. Project Honey will be backed by an £18 million investment over two years and will target 18- to 30-year-olds. It is likely to launch early next year.