The ATO’s system for notifying SMSF trustees about changes to their SMSF is now live.
SMSF trustees will now be notified, by text or email, when details of their SMSF held by the ATO are changed.
The notifications will cover changes to the financial institution account details, electronic service address, authorised contact, or members of the SMSF.
This new system started on 3 February 2020, and uses the email address or mobile number given to the ATO has contact details for the fund.
The ATO says that if SMSF trustees are no aware of the changes made to their SMSF, they should contact the other trustee/directors of the fund, or the “other representatives authorised to make changes to your SMSF, such as your tax agent”. SMSF trustees concern that changes were made “incorrectly and without your knowledge”, can contact the ATO.
“Our messages 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.”
The ATO has planned to roll out the system sooner, but “a technical issue meant the alerts didn’t commence as expected in November 2019”.
“Further testing has now confirmed the system, designed to help protect against fraud and misconduct, is now operating as intended.”