ATO's SMSF slip up
An Australian Taxation Office (ATO) CD containing the tax file numbers (TFN) of more than 3,000 self-managed super funds has gone missing while in the hands of an ATO contractor.
The funds’ TFNs were on a CD of scanned letters being sent to the ATO via a courier from the company contracted to print the letters.
The courier is said to have received the CD but it was not delivered to the ATO.
ATO Commissioner Michael D’Ascenzo maintained that the ATO takes the privacy of personal details very seriously.
D’Ascenzo said the ATO has strict procedures in place to protect taxpayer information, and this extends to authorised contractors.
“I am concerned that this parcel containing taxpayer information has failed to be delivered, even though the courier believes the parcel is still within their warehouse facilities.
“While there is no evidence the information has fallen into the wrong hands or been misused, I am taking the matter seriously,” he said.
Meanwhile, the relevant trustees have been contacted, with the ATO offering the affected funds new TFNs.
D’Ascenzo said there was a risk the information could be misused if the courier is unable to locate the CD.
“I am encouraging trustees who receive a letter from us to consider taking up our offer of a new tax file number so as to play it safe in relation to their funds’ information.”
A full investigation will be conducted into the matter.
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
