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August 20, 2012

New AML designated service: roll-overs to SMSFs

Treasury has released for public consultation an exposure draft of The Tax Laws Amendment (2012 Measures No. 5) Bill 2012: Roll-overs to self managed superannuation funds which amends the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act).

The amendment provides that a new designated service be included at Table 1 of section 6 of the AML/CTF Act to capture the roll-over of funds from a superannuation fund that is not an SMSF (the transferring fund) to an SMSF (the receiving fund).

It is intended that this amendment will have the effect of requiring the transferring superannuation fund to comply with a range of obligations under the AML/CTF Act.

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Posted 20th August 2012 by David Jacobson in Anti-money laundering, Superannuation, Tax