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SMSF Updates

Notice of compliance for new SMSFs
01 Mar, 2019

ATO has changed the timeframe to issue notice of compliance for newly registered SMSFs.

Before March 2019, new SMSFs’ status is “Registered – status not determined”. This status is only changed to “complying” after the first return is lodged and there is no compliance issue.

After March 2019, after an SMSF is registered with ABN, the SMSF will still appear on Super Fund Lookup showing the status “Registered – status not determined”. However, a few days later,  the status will be changed to “complying” and the notice of compliance will be issued to the SMSF without lodging the first tax return.

This new change will benefit SMSF member when they roll over their funds from industry/retail super funds to their SMSFs. Normally retail/industry super funds will hold off transferring the funds to members’ SMSFs when they check Super Fund Lookup and find the status of the SMSF is not complying.

The new timeframe also makes easier for employers to transfer employer contributions to employees’ SMSFs.

 

 

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