Made any changes to your SMSF? Let the ATO know

“Whether the changes are small or big, it’s important to notify us of changes to your SMSF within 28 days,” the regulator said.

“If you change your contact details, but you haven’t notified us, then you run the risk of missing out on any important correspondence.”

As a trustee of an SMSF, the ATO needs to be notified within 28 days if there is a change in trustees, directors of the corporate trustee, members, contact details (contact person, phone, email address and fax numbers), address (postal, registered or address for service of fund notices), or fund status.

Changes and updates can be made online through the Australian Business Register, through a registered agent, by phone 13 10 20 as long it is done by the authorised contact for your SMSF, or by lodging the paper form Change of details for superannuation entities (NAT 3036, PDF 1.01MB).

A fund’s financial institution account details, tax refund account or electronic service address (ESA) can be updated through online services for business, by contacting the fund’s tax agent or by contacting the ATO.

An update to an ESA can be completed by lodging the paper form Change of details for superannuation entities (NAT 3036, PDF 1.01MB).

The ATO warned that an SMSF annual return (SAR) cannot be used to inform the regulator about a change in the structure of an SMSF.

When changes are made, the ATO will send out an email or text alert to safeguard retirement savings and reduce the risk of fraud and misconduct.

The alert will also issue if there is a change to an SMSF’s financial institution account details or ESA via your SAR.

If the trustee did not authorise or know about the changes outlined in an alert they are advised to contact the ATO immediately or go look at immediate actions you need to take.

For more information go to changes to your SMSF.