ATO warns SMSF ‘status not determined’ not being accepted

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ATO, SMSF, ‘Registered – status not determined, Super Fund Lookup, not acceptedThe ATO says that an “external agency” has not been accepting that an SMSF was a complying super fund based on the ‘Registered – status not determined’ status on Super Fund Lookup.

“This status is allocated to all new SMSFs upon registration,” said the ATO. The ATO does not name the external agency.

“We treat an SMSF with this status as complying to allow them to receive employer contributions and rollovers from other complying superannuation funds.”

Super Fund Lookup says that an SMSF classified as ‘Registered – status not determined’ is regulated by the ATO, eligible to receive rollovers and transfers, and has not been issued with a Notice of Non-Compliance.

However the determination of a fund’s complying status occurs, “in most cases,” after the lodgement of the first SMSF Annual Return, according to the ATO.

“Upon lodgment, the fund will be assessed as either ‘Complying’ or ‘Non- complying’ and SFLU [Super Fund Lookup] will be updated to reflect this change in status.” As such there can be a considerable delay between an SMSF being registered and receiving a Notice of Compliance.

The ATO warns that “there may be other agencies that require a fund to have its complying status confirmed and displayed on SFLU.”

“This highlights the importance of lodging the first annual return and having the fund’s complying status assessed to avoid experiencing difficulties,” said the ATO.

However if an external agency is not accepting SMSFs with the status ‘Registered – status not determined’ as complying funds these SMSFs will likely have difficulties conducting some transactions.

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