ATO flags changes to notice of compliance process for SMSFs
With the ATO reducing the time frame it takes for SMSFs to become complying, it has announced some changes with the process of issuing the notice of compliance.
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”.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
