The Australian Taxation Office (ATO) has offered new tax file numbers to 3122 self managed superannuation funds (SMSFs) to make up for an administrative error it made.
The regulator was in the process of receiving a number of existing TFNs from SMSF trustees when the information went missing.
The data was contained on a CD consisting of scanned letters and were supposed to be delivered to the ATO via courier.
The company contracted to print the letters gave the CD an authorised courier however it was not then delivered to the ATO and has now gone missing.
“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,” ATO commissioner Michael D’Ascenzo said.
“While there is no evidence the information has fallen into the wrong hands or been misused, I am taking the matter seriously.
“As there is a risk the information could be misused if the courier is unable to locate the CD, we are providing the relevant trustees the opportunity to ensure that there is no unauthorised use of their funds’ relevant tax records,” he said.
Due to the sensitive nature of the missing information D’Ascenzo has encouraged all SMSF trustees who receive the letter of offer for a new TFN to accept it.
The ATO will be conducting an investigation into its own procedures to determine if any improvements can be made in the future.
“Nothing is more important to the community and fundamental to good tax administration that the security of taxpayer information,” D’Ascenzo said.
