Normally your SMSF will be up and running in a few hours if your SMSF is set up by iCare Super.
However, some events may trigger an ATO review for a managed super fund (SMSF) applications. These events can be as below
If your SMSF is selected for ATO review, during the review period your SMSF’s status will initially be displayed on Super Fund Lookup (SFLU) as ’Election to be regulated is being processed’. ATO will then update the status of applications that give ATO no concerns, to ’Registered’. SMSF’s will then be able to accept contributions and rollovers.
This standard processing for ATO review is 28 days.
If your SMSF passes ATO review, your SMSF status will be changed to ‘Registered’ in 7 days and a formal Notice of Compliance will be issued and the status will be changed to ‘Complying’.
If ATO needS to investigate the new SMSF application further, the status will change to ’Regulation details withheld’ and most of these cases are resolved in under two months. It can take longer if extensive investigation is needed. If ATO’s investigation results in an SMSF not being allowed to proceed, its registration will be cancelled.