ATO introduces new SMSF rollover alerts
The ATO has deployed the new SMSF rollovers alerts which are now being included as part of the new SuperStream changes for super funds.
With SMSF rollovers now being included in SuperStream, the ATO has confirmed that funds may receive an email or text message notifying of the rollover request.
Since February 2020, the ATO said it has been issuing alerts via email and SMS when certain changes are made to Australians’ self-managed super fund (SMSF).
“With the inclusion of SMSF rollovers in SuperStream, we will send you an email and/or text message alert when your fund uses the SMSF verification service (SVS) to verify your SMSF details before making a rollover,” the ATO said.
“Funds may use this service multiple times when actioning a single rollover request, which may result in you receiving multiple alerts.”
The ATO reminded these alerts are being sent to help safeguard retirement savings and reduce the risk of fraud or misconduct.
“If you receive an alert and are already aware of the rollover request, there is nothing more you need to do,” the ATO said.
“However, if you didn’t request a rollover to be made to an SMSF, or you want more information, you will need to contact your existing super fund/s as a matter of priority, as rollovers through SuperStream may be processed in as little as three business days.
“You need to make sure we have your current mobile phone number and email address recorded to ensure you receive these alerts.”
This comes as the ATO has confirmed the transition deadline for the implementation of its new SMSF member verification service.
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.
