The Tax Office and the Australian Prudential Regulation Authority (APRA) have announced a new on-line registration system for the superannuation industry, effective from 22 September.
The new system will offer a number of advantages for new funds including quicker processing of applications and a significant reduction in application fees.
The on-line system will issue an Australian Business Number (ABN) almost instantly, allowing new entities to commence immediate operations.
The on-line form, Application to Register for the New Tax System Superannuation Entity, will increase the security and integrity of the superannuation system.
It will do this by making it mandatory to include the provision and verification of trustee details and their compliance with obligations under the Superannuation Industry (Supervision) Act 1993.
The on-line form, available on the Australian Business Register (ABR) website at www.abr.gov.au, will enable funds to change their registration details including contact and other details relating to trustees. Funds will also be able to cancel their ABN on-line.
Fund trustees, tax agents and other superannuation industry professionals seeking further details of the new registration regime can visit the ABR website, the Tax Office superannuation website, www.ato.gov.au/super or the APRA website, www.apra.gov.au
Media inquiries only:
Tax Office Media Unit
Telephone: 02 6216 1901
Mobile: 0401 147 127
Sue Morey
Head of Public Affairs
Australian Prudential Regulation Authority
Telephone: 02 9210 3384
Mobile: 0438 124 524
All other inquiries:
Small Business Infoline APRA Call Centre
13 28 66 1300 131 060
APRA is the prudential regulator of the financial services industry including banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. It currently regulates $1.6 trillion in assets for 20 million Australians.