In a recent update, the ATO said there are three common reasons funds may experience a “not verified” response when helping clients with the SMSF Verification process (SVS).
This includes a mismatch between the self-managed super fund (SMSF) or member information and data held by the ATO.
Furthermore, this can happen to newly registered SMSFs without bank account details and to those who have no electronic service address (ESA) enabled for SuperStream rollovers.
These issues are easily resolved by notifying the ATO of changes to SMSF.
“To avoid delays with release authorities (RA) for SMSF, ensure SuperStream rollovers enabled ESA is kept up to date as per requirements of the Australia Business Register law,” the ATO reminded.
“Payment is made to the current ATO SuperStream account using the payment reference number (PRN) that matches with the PRN on the release authority statement.
“Being SuperStream-enabled for rollovers means SMSFs can receive certain release authorities and process inward and outward rollovers electronically.”
