The Tax Office says that only authorised parties should have access to an SMSF’s bank account, and trustees must understand who they are providing access to and regularly check who has access.
It added that trustees are responsible for protecting their fund’s assets, and giving access to the wrong person can lead to financial loss and compliance issues.
“We’ve also seen a rise in instances where SMSFs have failed to notify us of changes to their fund’s bank account. If your SMSF’s bank account changes, you must notify us immediately. Not notifying us can delay or prevent rollovers and other important transactions,” it said.
“To meet your obligations, once you set up a bank account that is unique to your SMSF or if you change account details, you must notify us either through your registered agent, through Online services for business via the Profile menu or by phoning us on 13 10 20.”
If an SMSF does not have a unique bank account, then its members’ retirement benefits may not be protected.
Furthermore, the Tax Office said it is essential to keep fund money and assets separate from personal or related-party assets, and an SMSF’s account should only be used to accept contributions, receive investment income, and pay fund expenses.
If trustees suspect that someone has been added to their accounts without their authority or notice, or if suspicious account transactions have been made by a third party without their consent, they should contact the fund’s bank immediately.
