Presentation at SPAA NC2011

1. Session overview Super Fund Lookup and the new fund registration process SMSF member verification service Stronger super SMSF rollovers – APRA guidelines Questions.

2. Super Fund lookup (SFLU) November 2009 – two stage reform to combat illegal early release schemes New SMSFs classified as “Registered – status not determined” until fund lodges its first return Additional checks on new SMSFs before they are listed on SFLU December 2010 - 30,000 SMSFs re-classified as “Registered – status not determined” December 2010 ATO SMSF newsletter – SMSFs should not register until assets are held by the fund.

4. Allows APRA funds to verify that an individual is recorded by the ATO as a member of a particular SMSF – requests for additional documentation should not be necessary

5. Available through the ATO Business Portal and accessed with an AUSkey or ATO Digital Certificate

8. SMSF registration process should capture advisor and service provider details and this information should be made available to ASIC

9. SMSFs should not be allowed to be established with a name similar to an APRA regulated fund – Corporations Act naming rules to apply

11. APRA SMSF rollover guidelines

12. APRA SMSF rollover guidelines

13. Obligations: 3 key requirements undertaken: The KYC POI requirements imposed by the AML/CTF Act, Our obligation to pay to a regulated & complying fund, and Inherent risk rating & controls established to manage the risk.

14. Experience [1] All claim requirements met to enable payment [2] Any claim requiring additional information to enable payment Note - Data collected across two full business days

15. Accumulation account claim

16. Guidelines Validate complying status of SMSF on SFLU Member’s details up-to-date with the ATO & the Fund Educate your members on the process Submit accurate and complete forms Provide high quality POI documents Certified means Certified Address match form to SFLU

17. Questions?