42 Posts

ATO text message alert service for SMSF Trustees

Posted on June 17, 2020 by Piera-Lee Ramm

The ATO is now issuing an alert via email and/or text message when changes are made within a self-managed super fund (SMSF).  According to the information released by the ATO, this is to help safeguard the retirement savings and to reduce the risk of fraud and misconduct for SMSF trustees.

This will include changes to SMSF’s:

  • financial institution account details
  • electronic service address (ESA)
  • authorised contact/s
  • members

Commenting on the new service late last year, ATO assistant commissioner Dana Fleming said the alert system had been designed to “protect SMSF trustees, members and directors from potential fraud and misconduct by automatically detecting instances where we believe information we hold is being misused and has become compromised”.

The initial launch date of the service had been 30 November, but the ATO identified an issue during the testing stage that may have led to some alerts not issuing as designed.

If you’re not aware of the changes being made to your SMSF, you should contact:

  • the other trustees or directors of the corporate trustee of your SMSF
  • other representatives authorised to make changes to your SMSF i.e. GeersSullivan as your tax agent

Please be aware the ATO will never ask you to reply by text or email or to provide personal information, such as your tax file number (TFN) or your personal bank account number or BSB.

If you’re concerned the changes have been made incorrectly and without your knowledge, please contact our Superannuation Manager Helen Cooper on (08) 9316 7000.

June 2020 Reserve Bank Decision

Posted on June 2, 2020 by Ashley Dawson

At its meeting today, the Reserve Bank of Australia (RBA) has kept the official cash rate at the historic low of 0.25 per cent.

RBA governor Philip Lowe said in the previous meeting that the RBA is prepared to scale up its bond purchases if needed. They will do whatever necessary to ensure bond markets remain functional and achieve the yield target of 0.25 per cent on 3-year Australian Government bonds until progress is made towards full employment and inflation. The RBA is confident that inflation will be sustainably within the 2-3 per cent target band.

Click on this link below to read the article.

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