Admin firm launches SMSF strategy and compliance aid
An SMSF services provider has developed a new tool for SMSF advisers which pinpoints strategies and opportunities based on a client’s specific data while also performing compliance checks.
SMSF administration firm SMSF Alliance has unveiled a new tool, the SMSF Toolbox, which uses an algorithm across all client funds to identify a list of alerts and opportunities for each individual client or SMSF that the adviser can then choose to implement for them.
It will also flag what the adviser may need to check before implementing a strategy for a client to ensure they remain compliant, said SMSF Alliance principal David Busoli.
“Some of the suggestions are really quite detailed. For example, it could be a strategy for adjusting the total super balance in the lead-up to 30 June so that members can access an extra $100,000 in non-concessional contribution eligibility this year,” he said.
“It’s not just theoretical; though the names of the members are mentioned, the amount that they have to be adjusted by and the ways in which that can be adjusted and what needs to be checked to ensure the strategy is valid or not are also there.”
For pensions, for example, the SMSF Toolbox, he said, would take into account all of the other pensioners in the fund to see what can be shifted between them, whether or not the pension is grandfathered for Centrelink, whether or not there is a death benefit pension where there are restrictions on what can and can’t be done, and what the total super balance and transfer balance accounts are of all the other parties.
“This is a great aid to compliance, because it performs checks as well as providing opportunities,” he said.
“What you’ve got here is the opportunity to add significant value to your client’s situation.”
Mr Busoli said that the new SMSF Toolbox feature will be included as part of its standard administration service.
“I think any adviser using it will find it quite valuable from a compliance perspective as well as a purely commercial position,” he said.