If the Trustee decides to set up an SMSF, we execute the setting up of an SMSF by applying to the ATO for an Australian Business Number (ABN) and also a Tax File Number (TFN) for the new Fund. The Tax Office sometime issue these numbers immediately and sometimes it takes around 28 days to be issued.
The ATO does a data matching from the data we use in the application to check against the ATO database. If it agrees, the ABN and TFN is issued. If there’s a data mismatch, there is a time delay. The ATO service standard to resolve these mismatches is 28 days for general applications and 10 days when a registered tax agent (like Superannuation Warehouse) does the application.
For around half the SMSF’s we set up the ABN is issued immediately. So if your SMSF’s ABN is not issued immediately, don’t despair – it is quite normal.
All SMSF’s set up with a Corporate Trustee takes around 28 days to be issued with an ABN. Reasons for data mismatches can be the ATO has a maiden name of a Trustee, different addresses or different spelling on names. If there’s any delays, we will keep you posted so you know how long it will take and when you SMSF will be registered.