ATO to contact SMSFs without unique bank account

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The ATO will be contacting SMSFs that don’t have a unique bank account for their fund in November, asking for bank account details.

The tax office announced that it would be contacting SMSFs without a unique bank account for superannuation payment in November, and will ask them to update their fund’s bank account details.

The ATO says that SMSF trustees have the responsibility to “protect the fund’s assets and meet their obligations under superannuation law”.

“This includes maintaining a unique SMSF bank account to manage the fund’s operations and accept contributions, rollovers of super and income from investments. The fund’s bank account must be kept separate from the trustees’ individual bank accounts and any related employers’ or advisers’ bank accounts.”

Where tax professionals are asked about this by their SMSF clients, the ATO says they can “update their bank account details in Online services for agents by going to your client’s profile and updating their financial institution details”.

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