The ATO has introduced a new method of updating SMSF trustees of changes to their fund. From 3 February 2020, email and/or text message alert will be sent out when there are changes in the SMSF, such as;
If you receive an alert and are not aware of changes being made to your SMSF, you should contact the other trustees or directors of the corporate trustee of your SMSF and any other representatives authorised to make changes to your SMSF, such as your tax agent.
The ATO messages will never ask you to reply by text or email or to provide personal information, such as your tax file number (TFN), your personal bank account number or BSB.
The system was expected to start back in November 2019 but was delayed due to technical difficulties. The process has now been confirmed to be working as intended.
Trustee’s wishing to make changes to their SMSF can do so through;
Trustees cannot use the SMSF annual return to inform the ATO of a change in the structure of the SMSF.