With the implementation of the new SMSF verification service to assist funds with processing their rollovers, the Tax Office has confirmed that super funds have until the end of September 2021 to start using this new verification service.
Currently, super funds must use the self-managed super fund (SMSF) member verification service (MVS) to confirm that the person requesting a rollover to an SMSF is a member of that SMSF. The MVS can be accessed via the Business Portal using myGovID.
“As part of our commitment to digital improvements, we are implementing the new SMSF verification service (SVS) to assist funds with their requirements to validate SMSFs and their members when processing a rollover,” the ATO said.
“Super funds will have until the end of September 2021 to start using the SVS, and we are aware that some funds will require this full period to transition.”
To help with this transition, the ATO confirmed the online MVS function will remain available to super funds until COB 24 September 2021 from the Online services for business login page.
“To log in and access MVS, you will need to go to the Online services for business login page and select the ‘Login to use SMSF member verification services option’.
“Online services for business remains the preferred option to interact with us, and is an easy way to lodge your BAS, create payment plans and communicate with us via secure mail.”
More costs we need to pay or pass onto members!