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Does Your Super Fund Comply?

DiamondThe Tax Office is contacting all small funds which do not currently meet the definition of a self managed superannuation fund (SMSF).

Commencing October 2004, the Tax Office and the Australian Prudential Regulation Authority (APRA), will be examining the structures and status of funds which might not meet the definition of a Self Managed Superannuation Fund (SMSF).

Based on records held by the Tax Office some of these funds no longer meet the definition of an SMSF because:

  • they have more than four members
  • they have invalid trustees (disqualified persons, trusts, super funds or partnerships), or
  • they have invalid structures (two or more corporate trustees, not all members are directors of the corporate trustee, or all members are not trustees).

The Tax Office will be contacting trustees or tax agents who are authorised representatives of these funds via outbound telephone calls to ensure that these funds are aware of the requirements to be a SMSF. They will be requested to complete and return the Superannuation Entities - Change of Details form (NAT 3036) within 14 days of contact.

Funds that fail to respond by the due date will be transferred to APRA beginning late November 2004. APRA will then consider appropriate action against these funds.

Copyright ATO, 18 October 2004. http://ato.gov.au/super/content.asp?doc=/content/50386.htm

This article is not a substitute for independent professional advice. We do not warrant the accuracy, completeness or adequacy of the information or material in this article. All information is subject to change without notice. We and each party providing material displayed in this article disclaim liability to all persons or organisations in relation to any action(s) taken on the basis of currency or accuracy of the information or material, or any loss or damage suffered in connection with that information or material. You should make your own enquiries before entering into any transaction on the basis of the information or material in this article. Please ensure you contact us to discuss your particular circumstances and how the information provided applies to your situation.

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