SMSF and ATO

Mr Medved · Apr 12, 2011

Does anyone know if a qualifying SMSF needs to register with the ATO? If yes or no please provide info on your answer with relevant references.

Many thanks in advance.

rbaggio · Apr 12, 2011

Ummm ... yes? You must provide your SMSF's TFN before rolling over from another fund to a SMSF (I went through the process last year).

No TFN, no rollover.

Also ....

http://www.yourmoneymag.com.au/invest/diy-super-six-steps-to-setting-up-a-smsf-594.html

4. Register your SMSF with the ATO: Once your fund is legally established and all trustees have signed a trustee declaration, you need to register your fund with the ATO so as to be recognised as a regulated fund (and made eligible for that great concessional tax rate).

Mr Medved · Apr 12, 2011

rbaggio said:

Ummm ... yes? You must provide your SMSF's TFN before rolling over from another fund to a SMSF (I went through the process last year).

No TFN, no rollover.

Also ....

http://www.yourmoneymag.com.au/invest/diy-super-six-steps-to-setting-up-a-smsf-594.html

4. Register your SMSF with the ATO: Once your fund is legally established and all trustees have signed a trustee declaration, you need to register your fund with the ATO so as to be recognised as a regulated fund (and made eligible for that great concessional tax rate).
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That website does not provide an authoritative source.

I think the source I was after is the SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993.

Looks like the Act is questionable given the licensing requirement (PART 2A--LICENSING OF TRUSTEES AND GROUPS OF INDIVIDUAL TRUSTEES): http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s29a.html

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 29A
Object of this Part and the relationship of this Part to other provisions

(1) The object of this Part is to set out provisions relating to the granting of RSE licences to:

(a) constitutional corporations; and

(b) other bodies corporate; and

(c) groups of individual trustees.

(2) The following is a simplified outline showing some key relationships between this Part and other provisions of the Act and the regulations that trustees should be aware of:

Certain provisions may be contravened if unlicensed trustees carry out particular activities (e.g.: sections 29J and 152). The trustee, or group of individual trustees, of a fund or trust may obtain an RSE licence under this Part.

Note 1: If the trustee is a constitutional corporation, the trustee obtaining an RSE licence may result in a fund or trust becoming an approved deposit fund or pooled superannuation trust, which are each registrable superannuation entities.

Note 2: If the trustee or group of individual trustees makes an election under section 19, the fund may become a regulated superannuation fund. Regulated superannuation funds other than self managed superannuation funds are registrable superannuation entities.

Note 3: In order to obtain an RSE licence, the trustee, or group of individual trustees, must have a risk management strategy.

A trustee, or group of individual trustees, that has obtained an RSE licence may have a registrable superannuation entity registered under Part 2B. Certain provisions may be contravened if certain activities are carried out while a registrable superannuation entity is not registered (e.g.: accepting contributions while the entity is unregistered may lead to an offence under section 34.)

Note 1: A failure to register the fund or trust may also lead to a breach of an RSE licence condition and possible loss of the RSE licence.

Note 2: In order to obtain registration of a fund or trust, the trustee, or group of individual trustees, must have a risk management plan for that fund or trust.
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They're not paying attention to OUR F*CKING RIGHTS, it looks like APRA's monopoly on SMSF licenses is unlawful: http://www.austlii.edu.au/au/legis/vic/consol_act/iaaa1980240/s8.html

Division 4-Monopolies

[1623-4] 21 or 21 and 22 James I c. III ss 1, 6

An Act concerning monopolies and dispensations with penal laws and the
forfeiture thereof.

1. (1) Forasmuch as your most excellent Majesty, in your royal judgment, and
of your blessed disposition to the weal and quiet of your subjects, did in the
year of our Lord God one thousand six hundred and ten, publish in print to the
whole realm, and to all posterity, That all grants and monopolies, and of the
benefit of any penal laws or of power to dispense with the law, or to compound
for the forfeiture, are contrary to your Majesty's laws, which your Majesty's
declaration is truly consonant and agreeable to the ancient and fundamental
laws of this your realm.

(2) And whereas your Majesty was further graciously pleased, expressly to
command, that no suitor should presume to move your Majesty for matters of
that nature.

(3) Yet nevertheless upon misinformations, and untrue pretences of public
good, many such grants have been unduly obtained, and unlawfully put in
execution, to the great grievance and inconvenience of your Majesty's
subjects, contrary to the laws of this your realm, and contrary to your
Majesty's most royal and blessed intention to published as aforesaid.

(4) For avoiding whereof, and preventing of the like in time to come, may it
please your excellent Majesty, at the humble suit of the lords spiritual and
temporal, and the commons, in this present parliament assembled, That it may
be declared and enacted.

(5) And be it declared and enacted by authority of the present parliament,
That all monopolies, and all commissions, grants, licences, charters and
letters patents heretofore made or granted, or hereafter to be made or
granted, to any person or persons, bodies politick or corporate whatsoever, of
or for the sole buying, selling, making, working or using of any thing within
this realm, or the dominion of Wales.

(6) Or of any other monopolies, or of power, liberty to faculty, to dispense
with any others, or to give licence or toleration to do, use or exercise any
thing against the tenor or purport of any law or statute.

(7) Or to give or make any warrant for any such dispensation, licence or
toleration to be had or made; or to agree or compound with any others for any
penalty or foreitures limited by any statute; or of any grant or promise of
the benefit, profit or commodity of any forfeiture, penalty or sum of money,
that is or shall be due by any statute, before judgement thereupon had.

(8) And all proclamations, inhibitions, restraints, warrants of assistance,
and all other matters and things whatsoever, any way tending to the
instituting, erecting, strengthening, furthering or countenancing of the same
or any of them.

(9) Are altogether contrary to the laws of this realm, and so are and shall be
utterly void and of none effect, and in no wise to be put in use or execution.

6. Provided also, and be it declared and enacted, That any declaration before
mentioned shall not extend to any letters patents and grants of privilege for
the term of fourteen years or under, hereafter to be made, of the sole working
or making of any manner of new manufactures within this realm, to the true and
first inventor and inventors of such manufactures, which others at the time of
making such letters patents and grants shall not use, so as also they be not
contrary to the law, nor mischievous to the state, by raising prices of
commodities at home, or hurt of trade, or generally inconvenient: The said
fourteen years to be accounted from the date of the first letters patents, or
grant of such privilege hereafter to be made, but that the same shall be of
such force as they should be, if this act had never been made, and of none
other.
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