01 Mar 1313
On delays in obtaining SMSF ABNs
MEMBER 35 writes:
"Why is it that the issue of an ABN for an SMSF takes so long? From experience they do not require anything more than is on the application as I've never had a request for deeds etc, so it is only a matter of the super computer cross checking the application details. We have been waiting for 5 weeks now and still no ABN. The ATO wouldn't escalate the issue until the 28 days were up but still no action. Some business ABNs come back within a week but SMSFs take forever. The client just looks at us as if it is our fault. He cannot open bank accounts or buy stocks until he has the ABN. He just asks me who is going to pick up his losses for being out of the market for that length of time. I have raised this issue before but nothing seems to happen, yet if we took the same attitude to the ATO's requests for information we'd be shot at dawn!!"