ATO and SMSF Bank account providers stepping up security with new notifications


Sample SMS

P.S. I don’t do Audits. This is just an example

Everybody is getting worried about the quality of the scams and fraudulent schemes out there at the moment and the SMSF sector is just one of those being targeted.

So the ATO, your bank account and other deposit account service providers are stepping up their cross checking of transactions with account holders.

BANKS:

You may shortly start receiving SMS and other communications from your bank advising you of transactions (debits) on your accounts initiated by your accountant, financial planner or other third-party service providers under a client authority from you. You will have given authority for these in most instances, but this is just a new security check. This relates to the outcome of ASIC report 584 called Improved protections for deposit accounts with third-party access, which can be found here and should be read by all SMSF trustees and service providers: https://download.asic.gov.au/media/4840342/rep-584-published-9-august-2018.pdf

Essentially you will be notified of any such debit by a third-party, on an ongoing basis (yes each and every time), unless you opt out.

If you would like to opt-out of the notifications, you will need to do this yourself as your adviser or accountant cannot make any change to these settings.

As most of my clients use a Macquarie Cash Management Account I will use that as an example. There are three primary ways you can elect to opt out if you wish.

  1. If you have the Macquarie Mobile Banking app, you can opt-out under settings.
  2. If you use Macquarie Internet Banking you can do so online. Go to the drop-down box beside your name and click My Notifications and chose which notifications you want to continue receiving or set a minimum value for notifications.
  3. If you have difficulty with the above but have your email address/mobile number on file with Macquarie, you can call Macquarie’s help line directly on 1800 806 310 and go through a security check and then give your instructions on preferred notifications to them.

As SMSF Trustees I would have to recommend that you let the notifications come through for 3-6 months at least as it is your duty as a trustee to take care of the SMSF assets.

Macquarie online notifications

ATO to email and/or SMS any SMSF changes

The ATO announced, after a slight delay, that in the interests of protecting self-managed super fund (SMSF) trustees and member’s retirement savings from fraud and misconduct, they will send out an email and/or a text message via an SMS when changes are made, including updates to the SMSF financial details or member information. Yes I know this is very exciting..NOT!…. but it is an important layer of security.

To assist them in this process, the ATO has urged all SMSF trustees and members to ensure they update their contact details. It also already compulsory to update the ATO within 28 days of the following changes to:

  • trustees
  • directors of the corporate trustee
  • members
  • contact details (contact person, phone, email address and fax numbers)
  • address (postal, registered or address for service of fund notices)
  • fund status.

So how can you update your records

  • online at abr.gov.au (with an AUSkey or an ABN linked to their myGov account);
  • through your SMSF registered tax agent;
  • by phoning 13 10 20 (for authorised contacts of the relevant SMSF); or
  • by lodging the paper form (NAT 3036).

The ATO has urged SMSF members who are concerned about notified changes to first speak with the other trustees of the SMSF or the authorised agent of their SMSF, before contacting the ATO.

LASTLY BUT IMPORTANTLY PLEASE BE CAREFUL ABOUT CLICKING ON LINKS IN SMS MESSAGES OR EMAILS. IF YOU WANT TO QUERY A TRANSACTION GO TO YOUR ADVISER/TAX AGENT OR TO THE BANKING APP OR THE ATO/BANK WEBSITE DIRECTLY TO MAKE YOUR QUERY.

Looking for an adviser that will keep you up to date and provide guidance and tips like in this blog? Then why now contact me at our Castle Hill or Windsor office in Northwest Sydney to arrange a one on one consultation. Just click the Schedule Now button up on the left to find the appointment options. Do it! Make 2019 the year to get organised or it will be 2029 before you know it.

Please consider passing on this article to family or friends. Pay it forward!

Liam Shorte B.Bus SSA™ AFP

Financial Planner & SMSF Specialist Advisor™

SMSF Specialist Adviser 

 Follow SMSFCoach on Twitter Liam Shorte on Linkedin NextGen Wealth on Facebook   

Verante Financial Planning

Tel: 02 98941844, Mobile: 0413 936 299

PO Box 6002 BHBC, Baulkham Hills NSW 2153

5/15 Terminus St. Castle Hill NSW 2154

Corporate Authorised Representative of Viridian Select Pty Ltd ABN 41 621 447 345, AFSL 51572

This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. This website provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.

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