2/11/2010 ATO new SMSF verification system

November 3, 2010 10:34 am Published by Leave your thoughts

The ATO has provided a new SMSF member verification system that will provide greater transparency around super rollovers from APRA (Australian Prudential Regulation Authority)- regulated super funds into SMSFs.

These super funds and their administrators can now confirm that an individual requesting a rollover to a SMSF is a member of that SMSF.
The ATO states that the new system should:

  • assist rollovers to be completed in a timely manner by reducing the need to request additional documents, such as the trust deed
  • enable APRA-regulated super funds to have more confidence that a rollover to an SMSF is genuine
  • help to reduce the risk of fraud and other illegal activity.

The ATO has also urged that individuals prepare for this new system.

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