In a recent announcement on its website, the ATO said further testing of the new service over the summer had resolved previous technical issues which had pushed back its original November 2019 launch.
The new service will issue text message alerts to all trustees of a self-managed fund when changes are made to key details relating to that fund with the ATO.
“From 3 February 2020, whenever changes are made to your SMSF, a text and/or email alert will be issued,” the ATO said.
“This includes changes to your SMSF’s financial institution account details, electronic service address, authorised contact [and] 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 regulator identified an issue during the testing stage that may have led to some alerts not issuing as designed.
“To avoid disruption or concern for SMSF trustees, members and directors, we decided to delay the deployment until we can ensure the alert system is operating as intended,” Ms Fleming said at the time.
