If the Trustee decides to set up an SMSF, we will 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 issues these numbers immediately and sometimes it takes around 56 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 are issued. If there’s a data mismatch, there will be a time delay. The ATO service standard to resolve these mismatches is between 2 – 56 days.
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.
Reasons for data mismatches can be the ATO has a maiden name of a Trustee, different addresses or different spelling of the names. If there’s any delays, we will keep you posted, so you know how long it will take and when your SMSF will be registered.