ATO advises trustees to check bank details, lost super
With the annual audit season in full swing, the ATO is urging SMSF trustees to take note of unclaimed super and bank details to improve the efficiency and compliance status of their super funds.
With more than $1.6 billion currently sitting in the ATO’s unclaimed super bank, the Tax Office suggests it’s good practice for SMSF trustees to check to see whether members of the fund may have funds of which they were not aware.
“There are different reasons why you could have lost or unclaimed super, such as if you didn’t roll over all your super from your old super fund to your SMSF,” the ATO said.
“Your old super fund will report you as a lost member if they haven’t been able to contact you or haven’t received any contributions in the last five years.”
The ATO said clients should contact former superannuation funds to conduct a search for lost benefits on their behalf or use the myGov portal to check for themselves.
Additionally, the ATO has reminded SMSF trustees to ensure they have provided the correct bank account details for the fund in preparation for the lodgment of SMSF annual returns (SAR) in May.
“Take care with filling out your bank account details on your SAR so we can ensure any refund is sent to you electronically rather than by cheque, which will slow down any refund due,” it said.
The ATO said an indication of having provided outdated bank account details is if trustees have received a cheque for monies owed by the regulator instead of having the funds electronically transferred.
It also confirmed trustees will receive a text message if the SMSF’s bank account details have been amended.
SMSF trustees can amend a fund’s bank account details through the ATO’s online services for business, through a registered tax agent or by phone.
