The ATO has issued SMSF trustees two suggestions to improve the efficiency and compliance status of their superannuation funds.
In the first instance, the regulator recommended members check to ensure they have no lost super in an account they may have forgotten about.
The advice comes after the ATO’s recent update of its lost and unclaimed super data, which revealed there is currently $1.6 billion in lost or unclaimed retirement savings.
“There are different reasons why you could have lost or unclaimed super, such as if you didn’t roll over all your super from your old super fund to your SMSF,” the ATO said.
“Your old super fund will report you as a lost member if they haven’t been able to contact you or haven’t received any contributions in the last five years.”
The regulator suggested individuals contact their old superannuation fund to conduct a search for lost benefits on their behalf or use the myGov portal to perform the same action.
The ATO also reminded SMSF trustees to check if they have provided it with the correct bank account details for the fund in preparation for the lodgement of SMSF annual returns (SAR) in May.
“Take care with filling out your bank account details on your SAR so we can ensure any refund is sent to you electronically rather than by cheque, which will slow down any refund due,” it said.
It pointed out a good indication of having provided outdated bank account details to the ATO is if trustees have received a cheque for monies owed by the regulator instead of having the funds electronically transferred.
Further, it confirmed trustees will receive a text message if the SMSF’s bank account details have been amended.
SMSF trustees can amend a fund’s bank account details through the ATO’s online services for business, through a registered tax agent or by phone.
