Trustees must remain vigilant when managing their self-managed super fund's (SMSF) bank account.
Only authorised 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 us of changes to their fund's bank account. If your SMSF's bank account changes, you must notify us immediately. Not notifying us 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 us either:
- through your registered agent
- through Online services for business via the Profile menu
- by phoning us 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.
Looking for the latest news for SMSFs? You can stay up to date by visiting our SMSF newsroom and subscribingExternal Link to our monthly SMSF newsletter.