SMSF trustees should be aware that from January 2020, the ATO will commence a new initiative to help safeguard retirement savings and reduce the risk of fraud by issuing alerts to trustees via email and/or text messages when changes are made within SMSFs.
This includes changes to your SMSF’s:
- Bank account details
- Electronic service address (ESA)
- Authorised contact, or
As trustees you should expect a message when any of the above changes are made to your SMSF, and know the email or text is not a scam. The message will never ask for a reply by email or text message or ask for personal information such as your tax file number (TFN) or personal bank account number.
If you are not aware of the changes being made to your SMSF, you should contact any other trustees (or directors of the corporate trustee) or any other authorised representatives able to make changes to your SMSF such as your tax agent.
If you are concerned the changes have been made incorrectly and without your knowledge, phone the ATO on 13 10 20 and have the fund’s TFN or ABN ready.