Superannuation Funds and Illegal Early Release
New steps to prevent the rollover of funds to self-managed superannuation funds (SMSFs) created for the purpose of illegal early release of benefits have been implemented by the Tax Office. The steps are being implemented in two stages. The first stage commenced in January 2010 and introduced improvements to the SMSF registration process to help prevent non-legitimate SMSFs from being displayed on the Super Fund Lookup (SFLU) web page.
As a result of improvements to the registration process, trustees of SMSFs should be aware that:
• a new SMSF application will take seven days to be assessed by the Tax Office and to appear on the SFLU; and
• a superannuation fund will not process a rollover request by an SMSF unless the SMSF is listed on the SFLU.
New steps to prevent the rollover of funds to self-managed superannuation funds (SMSFs) created for the purpose of illegal early release of benefits have been implemented by the Tax Office. The steps are being implemented in two stages. The first stage commenced in January 2010 and introduced improvements to the SMSF registration process to help prevent non-legitimate SMSFs from being displayed on the Super Fund Lookup (SFLU) web page.
As a result of improvements to the registration process, trustees of SMSFs should be aware that:
• a new SMSF application will take seven days to be assessed by the Tax Office and to appear on the SFLU; and
• a superannuation fund will not process a rollover request by an SMSF unless the SMSF is listed on the SFLU.
