Stopping schemes to illegally access super
We are working to protect the retirement savings of Australians 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 the Super Fund Lookup (SFLU)
- working closely with our super industry partners to strengthen the rollover process.
Implementing these steps will assist in preventing the transfer or rollover of funds to SMSFs created for the purposes of illegally accessing super.
We have improved the SMSF registration process to help prevent non-legitimate SMSFs from being listed on SFLU. This new registration process means that it takes up to seven days before an SMSF is shown on SFLU as a regulated fund.
Once a new SMSF is displayed on SFLU, it will be given a status of 'Registered - status not determined'. This status is allocated to all SMSFs on registration and will be updated after the fund lodges its first annual return and is assessed as being 'Complying' or 'Non-complying'.
SMSFs with this new status still qualify for concessional tax rates and are eligible to receive transfers and rollovers.
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.