ATO buys time to assess all new SMSFs
Further changes to the self managed super fund (SMSF) registration process will enable more time to assess SMSF trustees and prevent fraudulent activity, according to the Self Managed Super Fund Professionals’ Association (SPAA).
SPAA noted that the Australian Taxation Office (ATO) has 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 ‘determined’ status in the Super Fund Lookup register. As such it will take up to seven days before an 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.
SPAA welcomed these changes among a number of initiatives being rolled out by the ATO to improve the integrity of the SMSF registration and super rollover process, including the implementation of an SMSF member verification service, which will be launched later this year.
“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 an SMSF offers and maintain confidence in the entire superannuation system.”
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
