APRA-regulated super funds and their administrators can now confirm that an individual requesting a rollover to an SMSF is a member of the SMSF. A new self-managed super fund (SMSF) member verification system is now available to provide greater transparency around super rollovers from APRA-regulated super funds into SMSFs. This new access to tax office information 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
Access is available to APRA staff members and super fund administrators. It has become common practice for APRA funds to require this type of information, which seems to significantly delay the payment of benefits. With this improvement, that delaying tactic should be less effective.
6th-June-2011 | 