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  • Third party authorities on SMSF bank accounts

    When setting up a self-managed super fund (SMSF) you will need to open a unique bank account under your fund’s name to manage the fund’s operations and accept contributions, rollovers of super and income from investments.

    As a trustee, you need to check who has access to your SMSF bank accounts and ensure only people you have authorised are listed as signatories to your fund accounts.

    It is important you consider that giving a third-party authority to your SMSF bank accounts increases your exposure to fraud such as unauthorised withdrawals being made from the account.

    If you suspect a third-party has been added as a signatory to your SMSF accounts without your authority or you are suspicious of account transactions made by a third party, report this to your bank immediately.

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      Last modified: 27 Jun 2022QC 69941