The ATO said perpetrators are setting up the fraudulent funds to access and steal their victims’ superannuation and they believe using the services of registered tax agents and other super professionals to register these fake funds will help them avoid detection.
Tax professionals can protect themselves from being taken advantage of through a number of simple steps.
Firstly, verify client identities when registering ABNs or TFNs and be cautious when accepting new business with new entities, particularly if the transaction is online, or you receive random calls to register and prepare forms for a bulk list of new clients.
If you think you have been a victim of SMSF fraud, or you suspect a new or potential client, take action by contacting the ATO on 1800 062 062 or use the online tip-off form.
The ATO also warned tax professionals to ensure the advisers they deal with are on ASIC’s list of professional registers.
