A SMSFPR is a type of SMSF advice that provides clarification on the Superannuation Industry (Supervision) Act 1993 (SISA) and Superannuation Industry (Supervisions) Regulations 1994 (SISR) consequences of a particular arrangement for SMSFs. For information on the SMSFPR system, see Self-Managed Superannuation Funds Product Ruling SMSFPR 2009/1 The self-managed superannuation fund product ruling system.
A SMSFPR application form and checklist is available for applicants to use.
SMSFPR only considers the SISA and SISR implications for SMSF participants or potential participants in relation to the specified arrangement, it does not consider tax matters.
However, it is expected that SMSFPR may include products on which a product ruling is also sought. Where a product ruling is sought and there is also a request for SMSFPR in respect of that product then a separate SMSFPR would issue in conjunction with the product ruling.
Applicants wishing to apply for both SMSFPR and a product ruling should use both the SMSFPR application form and checklist and the product ruling checklist when submitting their applications. Complete documentation and information is required for both a SMSFPR and product ruling applications to be considered.
Separate application checklists are available for product rulings on:
The information provided on the SMSFPR application form and checklist forms part of your application. Full disclosure is required of all documents relating to the scheme on which the SMSFPR is sought. If the information you provide to any question/information request is not answered/provided or you fail to adequately address the question/information request your application will be treated as being invalid.
If your application is treated as being invalid, you or your agent will be contacted by mail and informed. To ensure that applicants who do submit complete applications are not disadvantaged, work does not commence on invalid applications until missing or incomplete information is received and the validity of the application is confirmed by mail. Where significant delays occur in the provision of missing or incomplete information the issuing of a SMSFPR will be delayed, or even refused.
If you have not previously lodged an application for a SMSFPR, you may contact the SMSFPR area for further assistance. When requested, the SMSFPR area will hold discussions with applicants and their representatives before a SMSFPR application is submitted. This allows issues to be canvassed on a without prejudice basis to assist the applicant prepare the SMSFPR application and reduce compliance costs.
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Note: This version of the application checklist is current as at August 2009 and supersedes all earlier versions.
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Last Modified: Monday, 12 November 2012