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  • Stopping schemes to illegally access super

    We're working to protect Australians' retirement savings from schemes to illegally access super by:

    • generating awareness of these activities
    • reviewing and assessing all new self-managed super funds (SMSFs) before they can be listed on Super Fund LookupExternal Link (SFLU)
    • working closely with our super industry partners to strengthen the rollover process.

    Implementing these steps will help prevent the transfer or rollover of funds to SMSFs created for the purposes of illegally accessing super.

    See also:

    Improved SMSF registration process

    We've improved the SMSF registration process to help prevent non-legitimate SMSFs from being listed on SFLU. This new registration process means that it takes between 2 to 21 days before an SMSF is shown on SFLU as a regulated fund.

    Once a new SMSF is displayed on SFLU, it will initially be given a status of 'Registered'. This status is allocated to all SMSFs on registration and will be updated within seven days to 'Complying' when the SMSF receives its Notice of Compliance. SMSFs no longer need to lodge their first Annual Return for their status on SFLU to change to 'Complying'.

    We have updated SFLU to provide clearer information about the complying and regulatory status of SMSFs, and to identify SMSFs that we have concerns about.

    Guidance for APRA-regulated super funds

    APRA has issued updated guidanceExternal Link to APRA-regulated super funds on managing the risk of rollovers and transfers to SMSFs. The guidance provides a list of checks APRA-regulated super funds should undertake when making a transfer or rollover to an SMSF.

    New SMSF member verification system

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

    This new system allows APRA-regulated super funds to confirm that an individual is a member of the SMSF as part of the transfer or rollover process.

    This should reduce the need for APRA-regulated super funds to request copies of documents such as the SMSF's trust deed or other membership verification documents.

    What APRA-regulated super funds need to know

    When you receive a transfer or rollover request, you should always refer to the updated guidance information issued by APRA.

    If you think you're dealing with illegal early release activity, contact us:

    We will investigate all reports of suspicious transactions.

    You will also need to prepare for the new SMSF member verification system if you haven't already. You can do this by arranging access to it and reviewing your procedures and processes.

    What SMSFs need to know

    APRA-regulated super funds will not process a rollover request to an SMSF which is not regulated by us.

    An Australian business number (ABN) for the fund will be issued before the election to be regulated is processed. This means that you can use the ABN to establish a bank account for the SMSF.

    It will take between 2 to 21 days for a new election to be assessed by us and for the SMSF to be listed on SFLU with a status of 'Registered'. Within a further seven days, a Notice of compliance will issue to the SMSF and their status on SFLU will be displayed as 'Complying'. If we identify a problem with a new registration, we will immediately attempt to contact the authorised contact for the SMSF.

    One way to speed up the rollover request process is to ensure the fund details on the request form exactly match the details on SFLU (which reflect the details provided during registration).

    You'll also need to ensure your SMSF membership details are recorded correctly with us for the new SMSF member verification system. APRA-regulated super funds may use the new system to confirm membership of the SMSF as part of the transfer or rollover process.

    See also:

      Last modified: 11 Sep 2019QC 22209