ATO makes changes to communication updates for SMSFs
The ATO has flagged the alterations it will start to undertake when making updates on information changes for SMSFs.
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.”
Tony Zhang
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.
