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Stuart_Forsyth & Matthew_Halpin
Stuart_Forsyth & Matthew_Halpin
Stuart_Forsyth & Matthew_Halpin
Stuart_Forsyth & Matthew_Halpin
Stuart_Forsyth & Matthew_Halpin
Stuart_Forsyth & Matthew_Halpin
Stuart_Forsyth & Matthew_Halpin
Stuart_Forsyth & Matthew_Halpin
Stuart_Forsyth & Matthew_Halpin
Stuart_Forsyth & Matthew_Halpin
Stuart_Forsyth & Matthew_Halpin
Stuart_Forsyth & Matthew_Halpin
Stuart_Forsyth & Matthew_Halpin
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Stuart_Forsyth & Matthew_Halpin

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Presentation at SPAA NC2011

Presentation at SPAA NC2011

Published in: Education
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Transcript

  • 1. Session overview
    Super Fund Lookup and the new fund registration process
    SMSF member verification service
    Stronger super
    SMSF rollovers – APRA guidelines
    Questions.
  • 2. Super Fund lookup (SFLU)
    November 2009 – two stage reform to combat illegal early release schemes
    New SMSFs classified as “Registered – status not determined” until fund lodges its first return
    Additional checks on new SMSFs before they are listed on SFLU
    December 2010 - 30,000 SMSFs re-classified as “Registered – status not determined”
    December 2010 ATO SMSF newsletter – SMSFs should not register until assets are held by the fund.
  • 3. SMSF member verification service
    • October 2010 – new SMSF member verification system launched by the ATO
    • 4. Allows APRA funds to verify that an individual is recorded by the ATO as a member of a particular SMSF – requests for additional documentation should not be necessary
    • 5. Available through the ATO Business Portal and accessed with an AUSkey or ATO Digital Certificate
    • 6. Important to advise the ATO of new SMSF members – can be done online if hold an AUSkey or ATO digital certificate.
  • 7. Stronger super
    • Proof of identity checks be required for all people joining an SMSF – SFLU to verify bank account and confirm 100 point ID has been obtained for all members?
    • 8. SMSF registration process should capture advisor and service provider details and this information should be made available to ASIC
    • 9. SMSFs should not be allowed to be established with a name similar to an APRA regulated fund – Corporations Act naming rules to apply
    • 10. Rollovers to an SMSF captured as a designated service under the AML/CTF Act.
  • APRA SMSF rollover guidelines
  • 11. APRA SMSF rollover guidelines
  • 12. APRA SMSF rollover guidelines
  • 13. Obligations:
    3 key requirements undertaken:
    The KYC POI requirements imposed by the AML/CTF Act,
    Our obligation to pay to a regulated & complying fund, and
    Inherent risk rating & controls established to manage the risk.
  • 14. Experience
    [1] All claim requirements met to enable payment
    [2] Any claim requiring additional information to enable payment
    Note - Data collected across two full business days
  • 15. Accumulation account claim
  • 16. Guidelines
    Validate complying status of SMSF on SFLU
    Member’s details up-to-date with the ATO & the Fund
    Educate your members on the process
    Submit accurate and complete forms
    Provide high quality POI documents
    Certified means Certified
    Address match form to SFLU
  • 17. Questions?

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