The following is a summary of the stages of a new SMSF setup order with Grow.
Order Received
Grow has received your order and will process it shortly. Once payment has been made, within 1-2 business days, we will:
Review the details of your order;
Register your special purpose trustee company with ASIC (where applicable);
Prepare all documentation to establish your new SMSF (including trust deed);
Send the documents to you to sign via DocuSign;
Submit your SMSF application to the ATO (including ABN/TFN application);
Action Required
Review and sign the SMSF establishment documents you will receive via email.
Next Steps
You will receive a notification from the ATO (text message or email) when your SMSF registration application has been submitted to the ATO.
Processing
Your SMSF registration application has been submitted to the ATO, and the ABN/TFN has been issued.
The status of your SMSF on Super Fund Lookup is "Election to be regulated is being processed."
It usually takes 2-3 business days for the ATO to update the status to 'Registered', although it can take longer.
Action Required
You don't need to do anything.
If it takes longer than one week for your SMSF's status to be updated, the ATO may manually review your SMSF application.
Ensure you answer any calls from unknown numbers (the ATO will leave a voicemail if they contact you) and look for correspondence in the mail about your SMSF.
Next Steps
Once your SMSF's status has been updated to Registered, bank and investment accounts may be opened, and transfers may be requested.
Registered
The ATO has approved your SMSF's registration. Grow will prefill your SMSF cash account application (as instructed) and any other investment account applications you've asked us to help with.
Action Required
Review and approve your SMSF cash account application following the email instructions you receive from Macquarie.
Ensure the identification details in the application are accurate. Approximately 20% of applications fail electronic verification, which requires you to provide an independently certified ID before your cash account is approved.
Next Steps
Once your SMSF cash account is activated, you can initiate a super transfer to your SMSF.
Complying
Your SMSF status will automatically update to 'Complying' within one week of your SMSF registration being approved.
Action Required
If you've not already done so, check your email inbox and approve your SMSF cash account application following the email instructions you receive from Macquarie.
Next Steps
Once your SMSF cash account is activated, you can initiate a super transfer to your SMSF.
ABN Not Issued
Occasionally, when we submit an SMSF registration application to the ATO, the ABN will not instantly be issued.
This could be due to a data-matching error or some other issue with the tax records of one of the SMSF members, such as a compromised TFN or identity.
Action Required
You don't need to do anything.
The ATO may take up to 20 business days to issue an ABN for your SMSF.
Ensure you answer any calls from unknown numbers (the ATO will leave a voicemail if they contact you) and look for correspondence in the mail about your SMSF.
Next Steps
Once your SMSF's status has been updated to Registered, bank and investment accounts may be opened, and transfers may be requested.
Grow will follow up with the ATO after 20 business days have passed.
Withheld
Occasionally, the ABN will be issued by the ATO, but instead of the registration being approved, the ATO will withhold the SMSFs' status on Super Fund Lookup.
This usually occurs when the ATO undertakes an audit of the SMSF application or one of the members has outstanding tax obligations or debts.
Action Required
The ATO will contact you, either via phone, email or mail.
Ensure you answer any calls from unknown numbers (the ATO will leave a voicemail if they contact you) and look for correspondence in the mail about your SMSF.
Forward any correspondence you receive from the ATO to Grow.
Next Steps
Work with Grow to complete the ATO review or take care of the outstanding ATO requirements to allow your SMSF registration to progress.