SMSF member verification system helps with rollover process

The
introduction of the SMSF member verification system has given large
APRA funds access to SMSF information held by the Australian Taxation Office to assist in
determining whether a rollover request to an SMSF is for a legitimate
SMSF member.

Large super funds will only roll over to an SMSF where they have a successful SMSF member match using the new system.

Feedback
on the system from large funds has been very positive, with the new
system reducing rollover processing times and removing the need to
request further documentation from members to verify SMSF membership
(for example, certified copies of SMSF trust deeds). The new system also
provides confidence that a rollover request to an SMSF is legitimateThis
new service has obvious benefits for SMSF trustees wishing to roll over
into their SMSF from large funds.

However, SMSF trustees who have not
kept up to date with their administrative obligations (for example,
informing the ATO of any changes to their SMSF membership) may find that they
will not be able to roll over to their SMSF.

SMSF
trustees are required under the super regulations to inform us of any
changes to their SMSF within 28 days of the change. This includes
changes to:

• the name of the SMSF or corporate trustee
• addresses (including postal, registered and addresses for the serving of notices)
• trustees, directors and membership.

Where a large super fund does not have a successful member match for a
rollover request, they will direct their member to contact the ATO.