Session overview<br />Super Fund Lookup and the new fund registration process<br />SMSF member verification service<br />S...
Super Fund lookup (SFLU)<br />November 2009 – two stage reform to combat illegal early release schemes<br />New SMSFs clas...
SMSF member verification service  <br /><ul><li>October 2010 – new SMSF member verification system launched by the ATO
Allows APRA funds to verify that an individual is recorded by the ATO as a member of a particular SMSF – requests for addi...
Available through the ATO Business Portal and accessed with an AUSkey or ATO Digital Certificate
Important to advise the ATO of new SMSF members – can be done online if hold an AUSkey or ATO digital certificate. </li></...
Stronger super  <br /><ul><li>Proof of identity checks be required for all people joining an SMSF – SFLU to verify bank ac...
SMSF registration process should capture advisor and service provider details and this information should be made availabl...
SMSFs should not be allowed to be established with a name similar to an APRA regulated fund – Corporations Act naming rule...
Rollovers to an SMSF captured as a designated service under the AML/CTF Act. </li></li></ul><li>APRA SMSF rollover guideli...
APRA SMSF rollover guidelines  <br />
APRA SMSF rollover guidelines  <br />
Obligations:<br />3 key requirements undertaken:<br />The KYC POI requirements imposed by the AML/CTF Act,<br />Our obliga...
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Stuart_Forsyth & Matthew_Halpin

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Presentation at SPAA NC2011

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Stuart_Forsyth & Matthew_Halpin

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

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