Feb 2019 – In a recent article by Miranda Brownlee of the SMSF (Self Managed Super Fund) Adviser magazine, the following new ATO process was outlined:
With the ATO reducing the time frame it takes for SMSFs to become complying, it has announced some changes with the process of issuing the notice of compliance.
In an online update, the ATO said that from early March 2019, the timeline for new SMSFs to become complying on super fund lookup will become shorter.
Under the new process, the ATO said that several days after registration, the fund will appear on the super fund lookup as “registered – status not determined”.
A few days later, the notice of compliance will issue and change the fund’s status to “complying”, the ATO said.
“Previously, the change in status occurred when the fund lodged its first SMSF annual return,” the ATO explained.
“The shorter time frame eliminates confusion about the status of the fund or its ability to accept employer super guarantee contributions or rollovers from another fund.”
This shorter time frame also assists the receiving of UK Pension monies into ROPS certified SMSFs as some UK pension schemes have recently decided not to transfer funds until the SMSF has achieved ‘complying’ status for the fund, which in the past could take up to a year, after the fund lodged it’s first SMSF annual return.
Contact our client service team on 1300 132 737 if you have any questions.