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SMSF member receiving warning about changes to their reocrds

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Enthusiast

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Our SMSF clients have started receiving the following message that provides so little information but has caused alarm for the clients. As a result they call us worried or angry that we or somebody has been making changes to their SMSF without their permission. The email message doesn't tell the SMSF member what has changed or what form has triggered the change. We now have to spend time guessing which of the following might have changed and then report back to the SMSF.

 

* financial institution account details
* electronic service address (ESA)
* authorised contact
* members.

 

So far all we can determine is the tax return has been lodged with bank details (not changed) and members balances (not new memebrs).

 

Why can't the ATO be more informative in their warning messages. They know exactly why they triggered the message. The populated the client name & SMSF details. Why not the reason?

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ATO Certified Response

Community Moderator

Replies 1

Hi @matthewk

 

Thanks for your post.

 

These alerts are designed to go out to SMSF trustees whenever an update is made to one of the details that you have listed. We have started doing this (as at February 2020) to reduce the risk of fraud or misconduct.

 

For more information about our alerts for changes made to SMSF information, have a look at our website.

 

It is assumed that the vast majority of alert recipients will be aware that an update has occurred and will disregard the message. In turn, the alert doesn't provide a specific reason, only that one or more of the four listed details have changed.

 

If you believe that some of your SMSF clients are incorrectly receiving these alerts, we suggest that you give us a call so that we can look into it for you. One of our officers can check your client's account to find out what was updated.

 

Thanks,

 

ChrisR

3 REPLIES 3

Most helpful response

ATO Certified Response

Community Moderator

Replies 1

Hi @matthewk

 

Thanks for your post.

 

These alerts are designed to go out to SMSF trustees whenever an update is made to one of the details that you have listed. We have started doing this (as at February 2020) to reduce the risk of fraud or misconduct.

 

For more information about our alerts for changes made to SMSF information, have a look at our website.

 

It is assumed that the vast majority of alert recipients will be aware that an update has occurred and will disregard the message. In turn, the alert doesn't provide a specific reason, only that one or more of the four listed details have changed.

 

If you believe that some of your SMSF clients are incorrectly receiving these alerts, we suggest that you give us a call so that we can look into it for you. One of our officers can check your client's account to find out what was updated.

 

Thanks,

 

ChrisR

Enthusiast

Replies 0

Thanks Chris,

 

Does lodging a SMSF return create an alert? The website isn't clear? If it does create an alert we can warn our clients. But at the moment we don't know what triggers the alerts. Those four dot points are so broad it could be anything and everything. As a result we have annoyed and confused clients asking us what these alerts are about and why *we* have changed things without their permission, when in fact *we* have changed nothing.

 

I don't have time to sit on the phone with the ATO, playing guess the change that triggers the alert game. I've already spent enough time talking to our clients about these alerts. The ATO should update the website with better information.

Community Moderator

Replies 0

Hi @matthewk

 

Thanks for your reply.

 

Lodging a SMSF return won't cause an alert to issue, however lodging a SMSF return that contains updated information such as the fund's financial institution account details or electronic service address (ESA) will.

 

Hope this helps.

 

Thanks,

 

ChrisR