ATO warns SMSF trustees to be aware of increase in scams

The ATO has issued a warning to SMSF trustees to be aware of scammers leading up to EOFY.

.

At the same time, ASIC commissioner Alan Kirkland has said one of the greatest risks to investors that the regulator is witnessing is the use of high-pressure sales tactics to lure Australians into decisions that don’t reflect their best interests, especially in regard to their retirement.

The ATO said EOFY has seen a rise in the incidence of scammers impersonating the Tax Office through fake emails and messages, hoping trustees will respond quickly without verifying if they are genuine.

In the past 12 months, the ATO has seen a rise of 300 per cent in email scams. It warned that scammers will try to make those they contact act quickly without verifying the identity of the caller, and trick victims into handing over personal information so they can steal their identity and commit fraud in their name.

The regulator said SMSF trustees should take three steps in order to protect themselves and their funds against the risk of scammers.

• Stop: Never share your myGov sign-in details, and only share personal information such as your tax file number (TFN) or bank account details if you trust the person and they genuinely require them. If in doubt, don’t provide anything.

• Check: Take a sec to check. Ask yourself, could it be fake? Is it really the ATO? If a link or QR code is directing you to provide information or to log into an online portal, don't click on it!

• Protect: If something doesn’t feel right or you notice unusual activity, act quickly.

The ATO continued that while it may send an SMS or email asking someone to contact the office, it will never send an unsolicited message with a link asking them to return personal information or log into its online services.

Additionally, it will not use its social media platforms to ask for personal information, documentation or payments.

In conjunction with the ATO warning to SMSF trustees and members, ASIC stated it is also turning its focus to fraudulent or unsolicited advice in regard to retirement products.

Commissioner Kirkland said the practice of high-pressure sales not only erodes the retirement savings of thousands of Australians but also risks threatening the reputation of the industry.

“While only a small proportion of providers may be engaging in this type of misconduct, the risks to consumers are significant.”

There were a range of models that raise serious concerns for ASIC, and often involved consumers being lured by clickbait ads on social media or websites that encourage them to “find their lost super” or participate in a ”super health check” for free.

“[Other tactics include] consumers being asked to hand over their contact information as the first step towards receiving the purported assistance and telemarketers then using this information to target those consumers with phone calls, in which they convince the consumer their current super fund is a poor performer – regardless of whether or not this is accurate,” Kirkland said.

He warned that consumers should also be wary of financial advice being provided by a telemarketer or a financial adviser who is introduced during a phone call, who recommends the consumer switch their super into a high-risk investment, often involving property development.

“This exposes consumers to the risk of significant losses – not only from the nature of the underlying investments but also from the high fees that are deducted from their super balances, directly or indirectly, by a range of entities along the way,” he said.

“Addressing this pattern of misconduct is a significant priority for ASIC, as reflected in our 2025 enforcement priorities. In the past year, we have taken a range of court actions to preserve assets for the benefit of investors where we have suspected misconduct.”

Kirkland said ASIC has a range of significant investigations underway in this area and will be taking further action using a broad range of enforcement tools.

“While our work focuses on disrupting and addressing misconduct, we also see it as important to warn investors.”

Keeli Cambourne
June 26 2025
smsfadviser.com