Q: Can contributions be accepted by a newly established SMSF whose status is "pending" on the super fund lookup?
It is a good question. It's one that I've seen a bit of lately with some delays with the ATOs recording system. Just let me give some background to this question. The ATO has a system that shows the status of superfunds. So when we set up a super fund, it gets put onto what's called 'Super Fund Lookup'. It's the ATO system of registration. It just shows what super funds exists and what their status is.
Now, when we apply to set up an SMSF and we apply for tax file numbers and ABNs and registration, the ATO carries out a whole series of checks on that application process and the proposed trustee members before they say it's a compliant fund. That can be as short as two or three days, but the rules allow the ATO up to 56 days to process that application.
