The Australian Taxation Office (ATO) has been forced to make an embarrassing apology to the trustees of 3,122 self-managed superannuation funds after data containing their tax file numbers (TFNs) went missing.
At the same time, the ATO is offering them new TFNs.
The ATO said the data had been contained on a CD of scanned letters sent via an authorised door-to-door courier from the company contracted to print the letters.
“The courier received the CD but it was not delivered to the tax office and has gone missing,” the ATO said in a statement.
Commenting on the mishap, the tax commissioner, Michael D’Ascenzo, said he wanted to assure the community the tax office took the privacy of their personal details very seriously.
“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,” he said. “While there is no evidence the information has fallen into the wrong hands or been misused, I am taking the matter seriously.”
D’Ascenzo said it was on this basis that the ATO was providing the relevant trustees with the opportunity to ensure that there was no unauthorised use of their funds.
“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,” he said.
Financial advice is having a significant impact on how Australians are engaging with the more complex aspects of their superannuation, new findings have shown.
While the Financial Advice Association Australia said it supports a performance testing regime “in principle”, it holds reservations about expanding this scope to retirement products.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
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