The Australian Taxation Office (ATO) and the Australian Prudential Regulation Authority (APRA) have launched an online registration system to simplify superannuation funds' compliance with superannuation laws.
Introduced on September 22, the online system provides super fund trustees, tax agents and other superannuation professionals with a form (Application to Register for the New Tax System Superannuation Entity) to process super fund registrations faster and reduce application fees.
The new system is also designed to provide users, particularly self-regulated entities (who have less than five members), with "more certainty" when registering new super funds, through a secure online process, ATO assistant commissioner for superannuation Lesley East said.
Also to boost the security of the superannuation system, it will be compulsory to include on the form "the provision and verification of trustee details and their compliance with obligations under the Superannuation Industry (Supervision) Act of 1993," APRA said in a statement.
APRA said the online system will issue users and Australian Business Number (ABN) almost instantly, allowing new entities to start operations immediately.
The online form enables funds to change their registration details such as contact and other details relating to trustees. Funds can also cancel their ABN online, according to APRA.
By taking the superannuation registration process online, the ATO and APRA are trying to make things easier for self-managed super fund trustees and superannuation professionals, the ATO's East said.
About 2500 entities register new super funds with the ATO and APRA each month, according to East.
The ATO and APRA's new system ties into the Australian Business Registar (ABR), she said.
The form is available on the ABR Web site (www.abr.gov.au).
Details about the new registration system can be found on the ATO or APRA's site.