In an online update, the ATO said that from early March 2019, the timeline for new SMSFs to become complying on super fund lookup will become shorter.
Under the new process, the ATO said that several days after registration, the fund will appear on the super fund lookup as “registered – status not determined”.
A few days later, the notice of compliance will issue and change the fund’s status to “complying”, the ATO said.
“Previously, the change in status occurred when the fund lodged its first SMSF annual return,” the ATO explained.
“The shorter time frame eliminates confusion about the status of the fund or its ability to accept employer super guarantee contributions or rollovers from another fund.”
The ATO also noted that this change will also impact SMSFs with a current status of “registered – status not determined”.
This is great news for SMSFs and love the idea of being compliant until proved non-compliant. It will cut the excuse from rollover funds that the fund is not yet complying and a precursor to Super Stream for SMSF rollovers. Get that in before the election please!!