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.
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.