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ATO issues warning of scams targeting SMSFs

By Adrian Flores
05 June 2020 — 1 minute read

The Tax Office has cautioned trustees to remain alert to scammers attempting to steal their money or personal identifying information.

The ATO noted concerns of scammers attempting to impersonate them or other organisations in order to steal money from funds or personal identifying information.

It also said scammers may be contacting trustees to charge for services that are available for free through them.

The ATO pointed trustees to an alert service introduced earlier this year to further help SMSFs safeguard their retirement savings and reduce the risk of fraud.

Whenever changes are made to an SMSF, the ATO said it will issue a text and/or email alert. Changes could include an adjustment of an SMSF’s financial institution account details, electronic service address, authorised contact or members.

Should a trustee not be aware of the changes being made to their SMSF, the regulator advised they should contact the other trustees or directors of the corporate trustee of their SMSF and other representatives authorised to make changes to their SMSF, such as their registered tax agent.

“If you are not sure if a phone call, text message or email offering help is genuine, do not provide your personal information and do not click any links. You can contact us later to check if the communication was genuine,” the ATO said.

ATO issues warning of scams targeting SMSFs
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Adrian Flores

Adrian Flores

Adrian Flores is the deputy editor of SMSF Adviser. Before that, he was the features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

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