The ATO has provided a new SMSF member verification system that will provide greater transparency around super rollovers from APRA (Australian Prudential Regulation Authority)- regulated super funds into SMSFs.
These super funds and their administrators can now confirm that an individual requesting a rollover to a SMSF is a member of that SMSF.
The ATO states that the new system should:
- assist rollovers to be completed in a timely manner by reducing the need to request additional documents, such as the trust deed
- enable APRA-regulated super funds to have more confidence that a rollover to an SMSF is genuine
- help to reduce the risk of fraud and other illegal activity.
The ATO has also urged that individuals prepare for this new system.