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ATO urges trustees to check SMSF bank account details are up to date
SMSF trustees are being urged to check their bank account details are current to ensure their funds can receive super payments.
The ATO has reminded trustees that for their fund to receive certain super payments, they need to ensure the office has the fund’s most current bank account details.
The regulator added that correct bank account information is critical for the receipt of super payments including those from a member's employer when paid through the ATO's Small Business Super Clearing House, and rollovers from large APRA-regulated super funds.
Trustees and their registered agents can check the ATO has the most current SMSF bank account details by checking the bank account listed on the fund's super account through Online services for business or Online services for agents.
Bank details can be reviewed by accessing the financial institution details screen from the Profile menu.
If no bank account is listed, trustees or their agents will need to add one through Online Services.
It is also important to make sure the fund’s bank account provided to a member’s employer or an APRA-regulated fund for a rollover, exactly matches what's listed on the super account in the Online Services platform.
Find out more about how to add or change a bank account for an SMSF at Set up a bank account on the ATO website.
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