In a new online update, the Tax Office said in addressing the importance to help safeguard the retirement savings and reduce the risk of fraud and misconduct, from February 2020, it will send SMSFs an alert via email or text message when changes are made within the SMSF.
This includes changes to your SMSF’s financial institution account details electronic service address (ESA) and authorised contact members, according to the ATO.
“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 and other representatives authorised to make changes to your SMSF such as your tax agent,” the ATO said.
“If you’re concerned the changes have been made incorrectly and without your knowledge, phone us on 13 10 20 between 8am and 6pm, Monday to Friday.
“Before you call us, we recommend you have your tax file number (TFN) or Australian business number (ABN) ready to establish your identity.”
From March 2021, the ATO said it will also send an email or text message when the fund has requested verification of the specific SMSF with the intent to roll over money.
“If you didn’t request this rollover or you want more information, contact your super fund,” the ATO said.
“Our messages will never ask you to reply by text or email, or to provide personal information such as your TFN or your personal bank account number or BSB.”
Its a shame the messages are useless because they dont say what detail was changed.
Just says details were updated. So makes it hard to narrow down, when a client gets one upon lodgement of the return. They say ‘did you change any details of the fund’.
No i lodged the return though. Oh wait… maybe that included an updated ESA or bank details. That might be what triggered it, or it could be something else… who knows…
Yes exactly! We have been having the exact same problem. The message looks like a scam. I think I might have even told a client that a message was a scam because I couldn’t recall changing anything. It wasn’t until more started coming through that it clicked that the ATO might be doing something different. No idea what has changed but the only thing I can think of is the ESA as we changed software for some clients.