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.
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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
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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
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
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
