SMSF member verification system

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.

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.

The new system 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.

You will need to prepare for the new system if you haven't already, so read the following information carefully.

Membership details

It is important to ensure that your SMSF membership details are recorded correctly with us.

If your SMSF membership details are not up to date, the new system will not be able to provide membership confirmation for the APRA-regulated super fund. This may delay the rollover of super into your SMSF.

You have a legal requirement to notify us within 28 days if there is a change in the membership details of your SMSF.

You can update the membership details of your SMSF by:

• contacting us on 13 10 20 between 8am and 6pm, Monday to Friday - changes will usually be processed within 24 hours

Ensure that the new member and an authorised contact for the SMSF are available to talk to our customer service representative to complete proof of identity checks.

• having the registered tax agent for your SMSF contact us to update your SMSF's membership records - changes will usually be processed within 24 hours
• accessing the Australian Business Register online if the SMSF is registered for online services with an AUSkey or ATO digital certificate - changes will usually be processed within 24 hours
• completing the Change of details for superannuation entities form and mailing it to us following the instructions in the form - changes may take up to 28 days to process, so your member will need to take this into account if they are seeking to roll their money into your SMSF.