ATO reports increase in number of Australians being targeted by investment schemes
Sometimes people will pose as financial advisers or superannuation experts promising to deliver higher returns and encouraging people to invest in fake schemes risking their retirement savings.
Depending on the information you provide, this could also open the door for fraudsters to use the information they have collected to access your superannuation accounts.
It is important to protect your identity and account details to ultimately protect your superannuation.
Here are some top tips for protecting your identity and your super:
- make sure your details with the ATO and your super fund are up to date
- be cautious of what you share – don’t give out TFN, date of birth, bank or super details unless you trust the person you’re dealing with and they require these details
- visit ASIC’s website to check if the person you are dealing with is a licensed professional
- don’t ignore ATO issued SMS or email alerts:
- if you are in a self-managed super fund (SMSF) and you receive an alert from the ATO about changes to your SMSF that you are unaware of, phone them immediately on the Superannuation Infoline 13 10 20. They can place protective measures on your ATO account if required.
- if your super is managed by an APRA fund and you receive an alert from the ATO about changes made to your SMSF, but you have not authorised for an SMSF to be established, you should immediately contact the ATO on the Superannuation Infoline 13 10 20 and also call your APRA fund and advise them of the suspect transaction. You can also request a secret password to be placed on your account with instructions your super is not to be released without that password.
The ATO will always try to assist you with your superannuation and tax affairs. If you suspect you have been a target of identity theft or a scam the best approach is to work together with the ATO to have protective measures put in place in order to keep your tax and superannuation safe and secure.
For specific advice customised to your individual circumstances, contact Carrick Aland’s Wealth planning team on 07 4669 9800 or visit carrickaland.com.au/wealth-planning/.
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