It’s really important that you keep your fund details up to date because missing or mis-matched details can cause processing and payment delays.

For example, SMSFs often receive rollovers from their members shortly after the fund has been established or when a new member has joined. The most common rollovers are those from an APRA-regulated fund into an SMSF.

If a member rolls over super from their APRA-regulated fund into their SMSF, the details must be an exact match to the ATO record. If they’re not an exact match, the rollover will be delayed or rejected.

A key protection measure the ATO uses to address fraud and scams is to issue alerts via text and email when certain actions are initiated. Most importantly, the ATO sends an alert when a rollover is requested. So if you receive an alert and you're not aware of the request, you must contact your super fund immediately to stop the rollover.

The ATO also sends alerts when a change of details is requested. For example, adding a new member to an SMSF or the SMSF bank account details are being changed. You must contact the ATO immediately if you’re not aware of the activity.

It’s vital to make sure your trustees’ individual contact details are kept up to date with the ATO. Contact details may include their mobile number and email address. Providing up to date details to the ATO ensures trustees receive ATO alerts and are notified of any fraudulent activity.