Get Ahead with your super

[ Why I'm excited about our new SMSF Bundles! ]
by Megan Kelly Published

After many years working the SMSF administration and advisory space, I’m excited that we now have software that allows us to work with clients on up-to-date information.

Traditional accounting has always been focused on the past where super fund accounts are sometimes more than 9 months after the end of the financial year. This has made it difficult for you, your financial advisers and us to get a clear picture of the position of the fund when you are trying to make important decisions.  In the past you have been making decisions on investments, contributions, pensions or tax planning all without the benefit of up-to-date information.  It has also meant that you may not have been aware of compliance breaches until well after they have occurred.

With the benefit of our SMSF Bundles you don’t need to have this frustration any longer. You can now make “real time” decisions using out of date information to do so!

THE BENEFITS

We can now all work from the same platform on up to date information to make real time decisions.

You will have:

  • Online access for you and your advisers
  • Ability to monitor the fund against market performance [Not 12 months after the fact]
  • Track your contributions [avoid exceeding your contribution caps]
  • Track your pensions [make sure you have made the minimums required].

HOW IT WORKS

Step 1 – The Catch up

The first step is to catch up.  We will send you a checklist of the information we need to bring the fund up to date. This will be similar to the annual accounting process that you are used to.

If we have everything we need at that point in time to complete the fund’s 2015 accounts and audit, we will do that straight away.  If not, we will simply bring the fund up to date, and finalise the 2015 accounts and audit as soon as the last pieces of information become available [ie. It’s usually the annual tax statements from managed funds and trusts that hold us up].

Once the fund is up to date we will charge an interim fee, on a time cost basis like we currently do for the annual accounts.  We will quote this in advance of engaging in this work.

Step 2 – Authorities

We will send out a number of client authorities which will link your super fund’s investments and bank accounts to our accounting system. 

By providing us with these authorities we can simplify the information we need from you each month to keep your fund up to date.

We will also include a monthly direct debit authority from the fund to pay our fees.

Step 3 – Monthly processing

At the end of each month we will automatically commence processing of your super fund’s accounts. 

We will contact you with any documents we will require for audit purposes and any unidentified transactions that we encounter. 

By doing this monthly you will find that there is no hassles for the compulsory annual audit required for your super fund.

Step 4 – Quarterly reports

Every quarter we will email your quarterly financial statements for your fund including:

  • Graphs tracking your fund’s performance against the market
  • Contributions made to date [to ensure you haven’t breached your contribution limits]
  • Pensions drawn to date [so you can see how much more you need to draw to meet your minimum pension requirements]
  • Investment allocation in comparison to your fund’s investment strategy [allowing you to make any adjustments required in a timely manner]

Step 5 – Annual Accounts, Tax Return and Audit

These will be completed by us as soon as we obtain the final information we require for each financial year. 

We will be able to speed up the timeliness of any tax refund owing to you each year, and you will find the annual compliance process to be a smooth, streamlined procedure.

The Costs:

The Extras:

If you’d like to take this opportunity to get ahead with your super or have any questions regarding these packages you can contact any of our super specialists via email or on 07 3193 3000 and let’s have a chat!

Megan Kelly - m.kelly@businessdepot.com.au
Michael Garrone - m.garrone@businessdepot.com.au
Kimberley Thompson - k.thompson@businessdepot.com.au
Amanda Neuendorff - a.neuendorff@businessdepot.com.au

General Advice Warning:

Information provided on this website is general in nature and does not constitute financial advice. Every effort has been made to ensure that the information provided is accurate. Individuals must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult a financial adviser to take into account your particular investment objectives, financial situation and individual needs.

Depot Superannuation Pty Ltd is a corporate authorised representative (No 1240831) of Hunter Green Pty Ltd AFSL 225962.

Megan Kelly
read more by Megan Kelly

Megan’s skills in self-managed super to provide both the accounting and strategic advice solutions for clients. Her many years working with business owners on their SMSFs has meant that she understands the value of including their superannuation in a business owners overall financial plan.

Her passion is to assist client’s in taking control of their future, through supporting them in making decisions in relation to the self-managed fund and their retirement. Megan regularly provides advice in relation to investment structuring, SIS compliance as well as pension and retirement planning.

Megan has also provided specialist support in relation to estate planning, family law disputes and compliance issues. She is a member of the SMSF Association Queensland Community, and a valued member of the network of SMSF specialists.

Megan Kelly is an authorised representative [No. 1240833] of Hunter Green Pty Ltd AFSL 225962. Your Adviser may offer you services through Depot Superannuation Pty Ltd which is a separate business. Although the same Adviser may offer you services under the above businesses, each business is solely and separately responsible for the advice they each provide. In particular, Hunter Green is only responsible for the financial planning services provided by Megan Kelly.


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