This beta trial follows an “extensive” client group focus process, involved existing customers and covered approximately 1,000 SMSF portfolios, Praemium stated.
This initial stage will enable existing portfolio administration (V-Wrap) users to capture and maintain details such as member, tax agent and auditor information for existing or new investment portfolios.
Further releases will offer “a complete SMSF compliance solution” from within the Praemium system, according to the announcement. Further, once complete, Praemium’s investment platform will provide real-time SMSF management.
“We have listened to our clients when they said they wanted a complete SMSF solution, one that eliminates the need to interface with third-party software systems,” said chief executive officer Michael Ohanessian.
Praemium stated it is on target to enable V-Wrap SMSF administrators to use the system to lodge their clients’ 2014 financial year returns.