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Latest Accounting News
Hot Issues
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10 top global corporations since 1998
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Crypto transactions in ATO sights with new data-matching program
Government to establish $2 billion fund for small business lending
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Articles
When to put tax schemes to the test
Scrutiny on Takings
Benchmarking and Australian Taxation Office (ATO) Aggressive Approach
SMSF Member Verification System Made Easier
Federal Budget 2011-12.    At a Glance
Federal Budget 2011-12.   Overview
Outstanding Tax returns - Some Years?
Tax advice privilege for Accountants a possibility
Egg on Face? - Benchmark by Australian Taxation Office (ATO) Withdrawn
SMSF Member Verification System Made Easier
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APRA-regulated super funds and their administrators can now confirm that an individual requesting a rollover to an SMSF is a member of the SMSF.

A new self-managed super fund (SMSF) member verification system is now available to provide greater transparency around super rollovers from APRA-regulated super funds into SMSFs.

This new access to tax office information should:-

  • Assist rollovers to be completed in a timely manner by reducing the need to request additional documents, such as the trust deed
  • Enable APRA-regulated super funds to have more confidence that a rollover to an SMSF is genuine
  • Help to reduce the risk of fraud and other illegal activity

Access is available to APRA staff members and super fund administrators.

It has become common practice for APRA funds to require this type of information, which seems to significantly delay the payment of benefits.  With this improvement, that delaying tactic should be less effective.

 

 

 

 

 

 



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