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Alerts to protect SMSFs from fraud

Feb 12, 2020 | SMSF

A new system alerting SMSF trustees of changes made to their SMSF will roll out this month. The ATO will alert trustees by text and/or email when changes are made to bank details, electronic service address of the fund, the authorised contact and members. For more information in regards to the alerts to protect SMSFs from fraud, read on!

Trustees need to notify the ATO within 28 days of key changes to the fund including a change in trustees, directors of the corporate trustee, members, contact details, address and fund status.

To help safeguard your retirement savings and to reduce the risk of fraud and misconduct, from February 2020 the ATO will issue an alert via email and/or text message when changes are made within your self-managed super fund (SMSF). This includes changes to your SMSF’s:

  • financial institution account details
  • electronic service address (ESA)
  • authorised contact
  • members.

If you’re not aware of the changes being made to your SMSF, you should contact:

  • the other trustees or directors of the corporate trustee of your SMSF
  • other representatives authorised to make changes to your SMSF, such as your tax agent.

If you’re concerned the changes have been made incorrectly and without your knowledge, please phone us on (07) 4944 0449 between 8.00am and 5.00pm, Monday to Friday. You are also welcome to call the Australian Taxation Office directly, however we recommend you have your TFN or ABN ready to establish your identity.

Both our messages and those messages you may receive from the ATO will never ask you to reply by text or email or to provide personal information, such as your tax file number (TFN) or your personal bank account number or BSB.

Should you have any concerns in respect of your SMSF, please get in touch with the Team at DGL Accountants – we are here for you every step of the way.