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ATO enhances SMSF registration process
The Self Managed Super Fund Professionals’ Association (SPAA) has welcomed further changes to the self-managed super fund (SMSF) registration process, which will enable more time to assess SMSF trustees and prevent fraudulent activity.
SPAA noted that the Australian Taxation Office (ATO) had updated the SMSF registration process, which involves the ATO completing a risk assessment on all new SMSF trustees and the use of a new ‘registered’ status as opposed to a ‘determined’ status in the Super Fund Lookup register. As such, it will take up to seven days before a SMSF’s details appear on the register, enabling the ATO to complete the risk assessments and identify and prevent illegitimate SMSFs from operating, SPAA stated.
According to SPAA, a number of initiatives being rolled out by the ATO would improve the integrity of the SMSF registration and super rollover process. It welcomed the changes and stated that looks forward to the implementation of a SMSF member verification service later this year, which it has helped the ATO test.
“SPAA takes a very dim view of SMSFs being used as a way to access superannuation illegally so we welcome initiatives that seek to improve the transparency and integrity of the SMSF registration and rollover process,” said SPAA chief executive Andrea Slattery.
“Improvement to the SMSF registration and rollover processes will also provide a more secure process for investors who want to enjoy the flexibility and control that a SMSF offers and maintain confidence in the entire superannuation system.”
AUTHOR
Mike Taylor
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