Get ASX Price
LATEST FINANCIAL PLANNING NEWS
Hot Issues
ATO reviewing all new SMSF registrations to stop illegal early access
Compliance documents crucial for SMSFs
Investment and economic outlook, October 2024
Leaving super to an estate makes more tax sense, says expert
Be clear on TBA pension impact
Caregiving can have a retirement sting
The biggest assets growth areas for SMSFs
20 Years of Silicon Valley Trends: 2004 - 2024 Insights
Investment and economic outlook, September 2024
Economic slowdown drives mixed reporting season
ATO stats show continued growth in SMSF sector
What are the government’s intentions with negative gearing?
A new day for Federal Reserve policy
Age pension fails to meet retirement needs
ASIC extends reportable situations relief and personal advice record-keeping requirements
The Leaders Who Refused to Step Down 1939 - 2024
ATO encourages trustees to use voluntary disclosure service
Beware of terminal illness payout time frame
Capital losses can help reduce NALI
Investment and economic outlook, August 2024
What the Reserve Bank’s rates stance means for property borrowers
How investing regularly can propel your returns
Super sector in ASIC’s sights
Most Popular Operating Systems 1999 - 2022
Treasurer unveils design details for payday super
Government releases details on luxury car tax changes
Our investment and economic outlook, July 2024
Striking a balance in the new financial year
The five reasons why the $A is likely to rise further - if recession is avoided
What super fund members should know when comparing returns
Insurance inside super has tax advantages
Are you receiving Personal Services Income?
It’s never too early to start talking about aged care with clients
Taxing unrealised gains in superannuation under Division 296
Capacity doubts now more common
Most Gold Medals in Summer Olympic Games (1896-2024)
Articles archive
Quarter 3 July - September 2024
Quarter 2 April - June 2024
Quarter 1 January - March 2024
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 2 of 2023
Articles
Australians Seek Financial Independence – Report
Summary of Superannuation Issues and Recent Changes
Legislation changes give market-linked pensions better outcome
Inflation drives the cost of retirement to a record high
Banking on the Age Pension
The keys to high retirement confidence
The strong link between advice and retirement confidence
Top 50 Greatest Inventions in History
Unintended consequences of work test changes to be rectified
Banks launch scam awareness campaign
ATO warns of rise in SMSF identity fraud and investment scams
The importance of SMSF succession planning
Our investment and economic forecasts, April 2023
Overview of the Federal Budget 2023 – 24
2023 Federal Budget: Stronger foundations for a better future
Australian retirees face accelerating price pressures
Protect your business from cyber threats.
Devil in the detail on super changes
More women take up SMSF as others look for advice
More SMSF members accessing funds without meeting conditions: ATO
How Long Could You Survive Drinking Only .........
Weighing up cash deposits
Bank closures, market volatility call for perspective
ATO warns of rise in SMSF identity fraud and investment scams

The ATO has warned SMSF members to be aware of identity fraud and investment scams.



.


Justin Micale, assistant commissioner, self-managed super funds risk and strategy for the ATO said in the SMSF sector, identity fraud and investment scams are a top priority because even though instances are not common, the impact can be devastating.


“Recent data breaches reinforce the need for us all to be extra vigilant. There is no doubt identity crime is increasing across the community and the SMSF sector is not immune,” he said.


The ATO said last year it saw an increase in the number of individuals that were victims of identity fraud where SMSFs were registered without their knowledge, and super was rolled into an account controlled by the fraudster.


The other type of fraud it is seeing arises where scammers contact individuals and mislead them into providing personal information setting up an SMSF, and/or investing in their bogus products.


“These scammers are becoming increasingly sophisticated, impersonating well-known Australian companies and using personal details to gain trust,” Mr Micale said.


“They use various methods to contact people such as email or cold calling, pretending to be financial advisers and encouraging them to transfer their superannuation into a new SMSF or investment product. The investor is often promised high returns.


“This reinforces the need for individuals and advisers, to treat contact from any third parties in relation to their investment and superannuation choices with caution.”


Mr Micale said in an effort to deploy and address scams, the ATO is issuing alerts via text and email when certain actions are initiated.


For instance, it will send an alert when a rollover is requested, so if a client receives an alert and they’re not aware of the request, they need to contact their super fund immediately to stop the rollover.


It will also send alerts when a change of details is requested such as adding a new member to an SMSF or the SMSF bank account details are being changed.


A further measure implemented to disrupt fraudsters directing money to a bank account they control is the removal of bank details from the ABN registration process.


Trustees now need to provide their SMSFs bank details to the ATO via an authenticated channel such as the ATO’s online services.


 


 


 


Keeli Cambourne

24 April 2023

smsfadviser.com



21st-May-2023
Hawthorn Financial Planning Pty Ltd ABN 47 011 910 918
Corporate Authorised Representative
Charter Financial Planning Limited ABN 35 002 976 294
Australian Financial Services Licensee Licence number 234665
Registered address Level 24, 33 Alfred Street Sydney NSW 2000
Legal Disclaimer | Privacy Policy



Hawthorn Financial Planning 67 King William Road UNLEY SA 5061 Ph: (08) 8339 7973

IMPORTANT INFORMATION | Site By PlannerWeb