Protect your SMSF’s bank account

Do you know who has access to your bank account?

Trustees must remain vigilant when managing their self-managed super fund’s (SMSF) bank account.

Only authorized parties should have access to your SMSF’s bank account. Trustees must understand who they are providing access to and regularly check who has access.

You’re responsible for protecting your fund’s assets, and giving access to the wrong person can lead to financial loss and compliance issues.

We’ve also seen a rise in instances where SMSF’s have failed to notify the ATO of changes to their fund’s bank account. If your SMSF’s bank account changes, you must notify the ATO immediately. Not notifying the ATO can delay or prevent rollovers and other important transactions.

To meet your obligations, once you set up a bank account that is unique to your SMSF or if you change account details, you must notify the ATO either:

• through your registered agent
• through Online services for business via the Profile menu
• by phoning on 13 10 20.

If your SMSF does not have a unique bank account, then your member’s retirement benefits may not be protected.

It’s essential to keep fund money and assets separate from personal or related-party assets. Your SMSF’s account should only be used to accept contributions, receive investment income, and pay fund expenses.

If you suspect someone has been added to your accounts without your authority or notice suspicious account transactions made by a third party without your consent, contact your bank immediately.

If you have any questions, feel free to ask them in the comment section. We will be happy to answer all your queries.