SMSF Super fund lookup

[Gstar86]

Hi,

I'm in the process of rolling over my Super into my SMSF. I have an ACN, ABN, TNF and all documents ready to go. I have also recieved a letter from the ABR with ABN and super details. Problem is, my current superfunds will not roll over my funds into my SMSF as the superfund lookup website states "Election to be regulated is being processed", this message has been up for 3 weeks now. I've spoken with the ATO and they say "checks are being carried out", I really want to get it up and running before the end of financial year. Has anyone else had this issue with the Superfund Lookup? How long will it take?

Any info would be great.

Thanks!

 

[SMSFguy]

Hi GStar86

We do SMSF setup from time to time and find the same issue. If you got your accountant to set it up they call through using the Tax-Agent Portal line and they can escalate the issue. But what you will find is if you are @ 3 weeks, it will sort itself out shortly as the ATO have a 28 day turn around.

It's a very mixed set of turn around times in the ATO as they rotate their staff based on the time of the year.
Sometimes the delays are for ridiculous issues like have the same SMSF name i.e. Smith Family Super Fund or accidently leaving out say your middle name. Even if it is simple the ATO actually don't even look at it until closer to the turn around time.

I hope they get their act together soon! Because you still need to face the delay with the rollover.

SMSFguy