The ATO has advised that from early March 2019, the timeframe for new self-managed super funds (SMSFs) to become ‘Complying’ on Super Fund Lookup (SFLU) will be shorter.
Several days after registration, you will now see the fund appear on SFLU as ‘Registered – status not determined’. A few days later, the notice of compliance will issue and change the fund’s status to ‘Complying’.
The shorter timeframe removes confusion about the status of the fund, or its ability to accept employer super guarantee contributions or rollovers from another fund. Previously the change in status occurred when the fund lodged its first SMSF annual return.
This change will also impact SMSFs with a current status of ‘Registered – status not determined’ which have not lodged their first SMSF annual return.
Visit the ATO website for further information, including how you can check the registration status of a fund.
Author: Aaron Dunn
Aaron is a well-known identity within the SMSF sector and is seen as a trusted source for professionals to learn more about SMSFs and the direction of the sector. Aaron's insights into both technical and practice-based issues within the SMSF industry sees him regularly sort out to participate as a key stakeholder across regulatory and policy issues.
Aaron was awarded the SMSF Association Chairman's Award 2023 for his outstanding contribution to the SMSF sector, having made a significant contributions to sector growth and sustainability, measured against the values of leadership and sustainability.
As an SMSF specialist and CPA with more than 25 years experience, Aaron is the CEO and Co-founder of Smarter SMSF, a specialist business that provides technology-based solutions to educate, automate and simplify the complexities of SMSFs to accountants, financial advisers.
A lover of sport, in particular AFL football (Essendon) and athletics, Aaron was previously a nationally ranked high jumper having set a personal best jump of 2.14m.
