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SMSF Updates

SMSFmemberTICK service

20 Aug, 2021

SMSF trustees are required to use the SMSFmemberTICK service to verify the member TFN before they can roll out member benefits to another fund.

The SVS will verify the following:

  • SMSF complying status
  • that the TFN of the SMSF member is an associate of theĀ  the SMSF
  • no verified date of death exists for that SMSF member
  • SMSF bank details are recorded by the ATO
  • Electronic Service Address (ESA) is recorded by the ATO

The SVS will provide either a verified or non-verified response. For non-verified responses, the SVS will also advise whether the detail that could not be verified related to the SMSF or the member.

Where the fund receives a verified response, they can proceed with the rollover request.

Where the fund receives a non-verified response, they should advise the initiating SMSF/member, so they can choose to contact the ATO to confirm their details are correct. Once the details have been corrected, they can re-initiate the rollover.

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