The ATO has announced that it will be implementing a new SMSF member verification service in late October 2010. This will enable the Australian Prudential Regulation Authority (APRA) funds to check that the member requesting a rollover to an SMSF actually belongs to that SMSF. The ATO cautioned that the new verification service will make it even more important to ensure the accuracy of SMSF member details. If an APRA fund is unable to verify that an individual is a member of an SMSF, it is unlikely that a rollover of superannuation to the SMSF will occur.
