Self-managed super funds require an annual audit. After going through the process, the confirmation of compliance status can be found on the SuperFund LookUp site. A trustee will find a snapshot of the information from the Australian Taxation Office. To look up the information, a trustee enters the fund’s ABN number in the appropriate field.
The audit is valid for no more than 20 months. When the fund is in good standing, it receives the right to borrow a loan to a ratio value of 80% over a 30-year period. This means that the fund members have to come up with the remaining 20%. Generally, that 20% is the deposit most lenders request upfront for a financed home purchase. It’s in the fund’s interest to have access to liquid assets in the form of cash or hard collateral.
These loans require the beneficiary to be the guarantor. Even when the SMSF is newly set, it’s actable.
Additionally, the site allows trustees to find out the progress of the audit. You can also track the fund’s status and find other relevant information. The information found online is public. So, anyone with the correct ABN number can look up the information too.
Confirmation of Compliance Status
To obtain your SMSF’s confirmation of compliance status, go online. The SuperFund LookUp site is run by the Australian government. It’s a snapshot of the information found on the ATO’s database. Mortgage House works with trustees who represent SMSFs. For more information about achieving your financial goals, contact our mortgage choice loan specialists.
