The ATO has issued a warning to self-managed super fund (SMSF) trustees to stay vigilant against scammers, with reports showing a surge in fraudulent activity – particularly around the end of the financial year (EOFY).
Over the past 12 months, email scams have increased by 300%, with criminals impersonating the Tax Office in an attempt to steal personal details and commit fraud. These scams often rely on creating a sense of urgency, pressuring trustees to respond quickly without checking legitimacy.
ATO’s Three Golden Rules for Trustees
To protect your fund and personal information, the ATO recommends three simple steps:
- Stop: Never share myGov details, TFNs, or bank details unless you are certain who you’re dealing with. If in doubt, don’t provide anything.
- Check: Take a moment to question the message. Could it be fake? Is it really the ATO? Never click on links or QR codes directing you to log in or provide personal information.
- Protect: If something doesn’t feel right or unusual activity appears, stop the interaction immediately.
The ATO also stressed it will never send unsolicited messages asking for personal details, logins, or payments via email, SMS, or social media.
ASIC’s Warning on High-Pressure Sales
Alongside the ATO’s warning, the Australian Securities and Investments Commission (ASIC) is raising red flags about high-pressure sales tactics used to lure Australians into poor retirement decisions.
ASIC Commissioner Alan Kirkland highlighted that many scams begin with “clickbait” ads such as “find your lost super” or offers of “free super health checks.” These often lead to telemarketing calls designed to convince consumers that their current super fund is underperforming, whether or not that is true.
From there, individuals may be pressured into moving their super into high-risk investments with high fees, often leaving them financially worse off. ASIC has made tackling this misconduct a top priority for 2025, with several investigations and enforcement actions already underway.
Protecting Your Retirement Savings
Both regulators agree: Australians must remain cautious.
- Always confirm the identity of the person or organisation before sharing sensitive details.
- Be sceptical of unsolicited financial advice, particularly from phone calls.
- Remember: if an opportunity sounds too good to be true, it usually is.
Final Thoughts
Scammers and unscrupulous operators are becoming more sophisticated, particularly when targeting Australians’ retirement savings. For SMSF trustees, the stakes are especially high — a single misstep could mean losing both personal information and hard-earned superannuation funds.
Taking the time to stop, check, and protect isn’t just smart — it’s essential. Staying alert and questioning unexpected approaches will help safeguard your future and ensure your retirement funds remain secure
