- Self-Managed Super Fund(SMSF) status
Self-Managed Super Fund (SMSF) statusVersion: 7.4.12
What does 'Election to be regulated is being processed' mean?
An election to be a regulated Self-Managed Super Fund (SMSF) has been received by the ATO.
The ATO undertakes checks on all entities which elect to be regulated by the ATO. These checks are undertaken before any entity is recorded on Super Fund Lookup as an ATO-regulated SMSF. This process can take between 2 - 56 days to complete.
Other super funds cannot make transfers or rollovers to the entity until it becomes a regulated SMSF.
What types of status are used?
The ATO uses five different status types to describe SMSFs:
- Regulation details withheld
- Regulation details removed.
What does a status of 'Registered' mean?
A 'Registered' SMSF:
- is eligible to receive rollovers and transfers
- is regulated by the ATO
- has not been issued with a Notice of Compliance or a Notice of Non-compliance.
From early March 2019, the timeframe for new SMSF to become 'Complying' on Super Fund Lookup (SFLU) will be shorter.
Several days after registration, the fund will appear on SFLU as 'Registered'. A few days later, the Notice of compliance will issue and change the fund's status to 'Complying'.
Previously, the change in status occurred when the fund lodged its first SMSF annual return. The shorter timeframe eliminates confusion about the status of the fund or its ability to accept employer super guarantee contributions or rollovers from another fund.
Employers may need to obtain a written statement from the SMSF that it is a resident regulated SMSF to ensure a contribution to this fund qualifies as a superannuation guarantee payment.
What is the difference between a complying and a non-complying SMSF?
A 'complying' SMSF:
- is regulated by the ATO, and
- has been issued with a Notice of Compliance.
Complying funds that meet the Superannuation Industry (Supervision) Act 1993 standards qualify for a concessional tax rate of 15%. Employer contributions made to complying funds can qualify as Superannuation Guarantee (SG) payments.
A 'non-complying' SMSF:
- is not a resident of Australia, or
- has been issued with a Notice of non-compliance because it does not comply with the Superannuation Industry (Supervision) Act 1993 regulatory provisions.
Non-complying SMSF do not qualify for concessional tax rates. The rate of tax for a non-complying super fund is 45%.
You must not make contributions or rollovers to a SMSF with a non-complying status.
What does 'Regulation details withheld' mean?
The regulation details of this entity are currently withheld from display in Super Fund Lookup. There are many reasons why this may occur and are unique to each SMSF.
For newly established funds, the 'Regulation details withheld' status may be a temporary status and should not prevent the SMSF trustee from opening a bank account. (Please note: SMSF trustees must still satisfy the bank’s standard eligibility requirements).
It is not recommended that contributions or rollovers be made to funds that have regulation details withheld.
For more information phone the ATO on 13 10 20 between 8am and 6pm, Monday to Friday.
What does 'Regulation details removed' mean?
The regulation details of this SMSF have been removed from display in Super Fund Lookup by the ATO as a result of the fund not lodging its annual returns.
It is not recommended that contributions or rollovers be made to funds that have had their regulation details removed.
An authorised contact for the SMSF will need to contact the ATO for further information by phoning 13 10 20 between 8am and 6pm, Monday to Friday.Top