New steps to prevent the rollover of funds to self managed superannuation funds 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.
If you have a query, please do not hesitate to contact us on 9317 7300
August 16, 2017
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The information provided on this website, including the material and contents provided in the website publications, are informative in nature only and you should not act specifically on the basis of this information alone. It should not be used as a substitute for legal, business, accounting, tax, financial planning or other professional advice. If expert assistance is required, professional advice should be obtained.
Paul Baggetta is the Founder & Principal of Baggetta & Co. Paul Baggetta has been a Taxation Accountant since 1981, a Financial Planner since 1998, and in 1993 qualified as a Real Estate Licensee, holding a Triennial Certificate (currently not trading) and operated his own Real Estate business for property investment clients for over 5 years as a second business.
Financial planning services are provided by Paul Baggetta as an Authorised Representative (No. 261469) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services License No. 223135.
Taxation & Accounting services are provided by Paul Baggetta as a Registered Tax Agent (No.61487008) and is a Member of SMSF Association, FIPA & NTAA.