November 19, 2019

Dedicated Bank Account for SMSF’s

On Monday 11th November 2019 the ATO posted an announcement that they will contact approximately 13,000 SMSF Trustees/Directors who do not have a dedicated bank account held in the name of the relevant SMSF fund.

The importance of meeting this requirement will be that those SMSF’s without a dedicated bank account will be prevented from receiving roll over funds.

The deadline applying to this announcement is March 2021.

We note that appointed Tax Agents can update SMSF’s bank account details via the online service portals.

Please contact our office on 9387 5637 if you require any further information.

Mark Hann

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