Every year, the professionals who advise SMSF trustees gather together for a conference. The issues and regulations they discuss are at the cutting edge of what’s going on with SMSFs. And there are some very important changes about to be implemented that you really need to know about.
Electronic servicing address
For example – does your fund receive contributions from a large or medium sized employer (an employer with 20 or more employees)?. If it does, you will need to have an electronic servicing address by 31 May 2014 and you will have had to notify the ATO of that address, along with your ABN and bank details. The electronic service address is different to an email or website address and is also different to your bank details.
There are some exemptions if you have a significant ownership stake in the business but the change is expected to hit thousands of trustees.