ATO warns trustees to check registers when appointing new professionals
The ATO has stressed the importance of SMSF trustees verifying that a professional is legitimate before appointing them to help with their fund.
In a recent update, the ATO said that given the difficulty of running an SMSF, trustees often appoint a variety of professionals to help them run their SMSF.
However, the ATO warned that before appointing any professional, it is important that trustees make sure the person or organisation they are dealing with is legitimate.
The ATO noted that ASIC has information about choosing an adviser on its website and also keeps a register of licensed advisers in addition to its register of approved SMSF auditors.
The Tax Practitioners Board keeps a register of registered tax agents.
“You should review the ASIC and TPB registers to ensure your professionals are still registered,” the ATO said.
“If they are no longer registered, you should appoint new professionals.”
The ATO’s update this week follows recent reports that scam artists have been posing as legitimate and regulated financial services companies in Australia in order to obtain critical information from SMSF trustees and steal their retirement savings.
Cybercrime investigation company IFW Global, which recently investigated an SMSF scam operation operating in the Philippines, warned that SMSF scams were becoming increasingly prevalent.
“Tempted by the large sums and equipped with the advanced technology to devise sophisticated schemes, more and more scammers around the world are trying to get their hands on Australian pensions,” it stated.
The ATO also reminded SMSF trustees that all members and trustees are responsible for running their SMSF.
"If you use a professional, you're still responsible for making sure your SMSF meets its obligations and follows super law," it stated.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
