Super Reforms: SMSFs

Super Reforms Timeline – SMSFs

Stronger Super website
Government's response to the Super System Review.

ATO website Q&A
Assists super funds and their administrators prepare for implementation of various super reforms.

Date	Development	Update
July 2011	New legislative standards to apply to all new investments in collectables and personal use assets. All existing investments of this kind need to comply with new standards by 1 July 2016.	Superannuation Industry (Supervision) Amendment Regulations 2011 (N0.2) were registered on 30 June 2011. The ATO has issued guidance on SMSFs investing in collectibles.
July 2012	Most of the SMSF measures will commence on 1 July 2012 including the Approved Auditor Registration process. The only measures not commencing on this date are the new standards for investments in collectable and personal use assets (1 July 2011), amendments to AML/CTF (1 July 2013) and final changes to the SMSF registration process (1 July 2014).
July 2013	SMSFs and APRA regulated funds must use new standard for processing rollovers and accepting contributions.
July 2013	Amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to capture rollovers to an SMSF as a designated service.
July 2014	Final changes to the SMSF registration process linking the registration process with proof if identity checks, bank account details and a portal to ATO data for verification of details by APRA funds requested to make rollovers to an SMSF.
July 2016	End of transitional period for when investments in collectables and personal use assets held at 30 June 2011 need to comply with new legislative standards introduced in 2011.