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TFN & ABN Application

When we setup an SMSF for you, we will apply for ABN and TFN with ATO at the same time.

Before we lodge the application, we normally check the information as below with the ATO & ASIC to ensure that the trustee’s information can be matched with the ATO & ASIC.

  • Individual trustee and member’s full name, date of birth, and TFN. If your name has been changed for any reason and the ATO has not been notified, you need to call the ATO to get it changed, such as a name change due to marriage. Otherwise, you can only use the original name.
  • for corporate trustee that are not set up by us, we will check with ASIC to make sure all the SMSF members are directors of the corporate trustee.
  • we google your home address to ensure the address spelling and postcode are correct.

If all the information is correct, normally we can obtain a TFN and ABN for your SMSF in 1-2 hours.

However, if trustees and members have any overdue personal or business tax returns, the TFN and ABN application can be delayed, and it may take up to 28 days to get the TFN and ABN issued by the ATO.

Will the ATO review or audit the setup process of your SMSF?

The ATO may call you to clarify some questions even after issuing the TFN and ABN for your SMSF. The common questions they will ask normally will be:

  • What is the purpose of setting up your SMSF?
  • What investments are you going to have in your SMSF?
  • Do you have a financial planner who advised you to set up your fund?
  • Do you have a bank account for your SMSF?
  • Do you understand your responsibilities of being the trustee of the fund?
  • How much are you going to transfer to your SMSF from other industry or retail funds?

The ATO may also require you to send them the executed SMSF setup documents, investment strategy and SMSF bank statements, details of contributions made to your SMSF or other documents.

During the ATO review and audit process, you will not be able to roll over any money from other funds to your SMSF. The employer contributions will not be received by your SMSF.

We recommend using your existing retail or industry member account to receive employer contributions and transfer them back to your SMSF after passing the ATO’s review or audit.

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