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
The system is designed to help protect against fraud and misconduct.
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.
If you’re ever concerned changes have been made incorrectly and without your knowledge, call the ATO on 13 10 20. Before you call, have your TFN or ABN ready to establish your identity.
The messages will never ask you to reply by text or email or to provide personal information or your personal bank account number or BSB.