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
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.