When we set up a new SMSF, we apply to the ATO for an ABN and a TFN for the new Fund. In most cases the Tax Office issues these numbers immediately; on occasion it can take up to 28 days.
The ATO does a data match from the data we provide in the application to verify against the ATO database. If it is a complete match, the ABN and TFN are issued. If there’s a data discrepancy, there will be a delay in issuing the ABN and TFN. The ATO’s service standard to resolve these mismatches is 28 days.
For around half the SMSFs we set up, the ABN is issued immediately. So, if your SMSF’s ABN isn’t issued immediately, don’t despair – it is quite normal.
All SMSFs set up with a Corporate Trustee has a delay with issuing the ABN. Reasons for data mismatches can be that the ATO has a Trustee’s maiden name instead of married name, other names spelt differently, or changes of address that haven’t been updated. If there are any delays, we’ll keep you posted so you know how long it’ll take and when your SMSF will be registered.