The ATO are now issuing alerts directly to trustees via email and/or text messages when any changes are made within their SMSF. This includes changes to:

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

The purpose of the measure is to prevent fraud and mismanagement and works in conjunction with similar notifications from the banks.

The immediate implication is that you may receive client calls seeking clarification on the communications they have received.

Unfortunately one of those communications may involve an error in the ATO’s own database concerning a change of ESA. If your clients receive such a notification you should first check to see if it is correct as, in the short term, it is likely that it’s not.