The software, called DIYSOL, allows trustees to record fund transactions and produce reports for tax purposes, aiming to save SMSF members thousands of dollars a year in administration fees with an all-in annual subscription fee of $330.
DIYSOL developer Jeff Bain, an accounting industry veteran, said the new platform was born out of a desire to increase efficiency for trustees.
“It makes no sense for people running a super fund to pay an accountant, sometimes well over $1,000, for basic transaction recording when they can do most of it themselves,” Mr Bain said.
Using DIYSOL’s input forms, trustees are able to record investments, income, purchases and sales specifically by fund member, and produce reports that can be used on a member or whole-of-fund basis for tax, financial, audit and investment purposes.
The software does not prepare SMSF annual returns but provides the tax calculations necessary to complete the return, with DIYSOL partner firm DIY Super Managers able to complete the return on behalf of the user.
The software will be offering a 14-day free trial for SMSF trustees as part of its launch.
McLowd, has a number of bugs. Ok for basic SMSF, but once you get complex, it cant cope. And the owner has gone into administration a few times, leaving creditors and shareholders with nothing but then taking the software
I have been using BGL Simple Fund as a trustee for 13 years it does the accounting, cost base and capital gain calculations on-line actuarial certificate, compliance checks, monthly investment valuation and on-line annual return lodgement with lots of automation and verification routines excellent training, help, support and user groups. At $220 pa for the trustee edition it does more for less money than this new application on the market. Where is the advantage of this new product on the market?
Try it first befome making any comments
I am a trustee and since 2007 have done all my own data entry for our SMSF and submitted our ITR’s myself as well. I hardly get any queries from our auditor and we have used several over the years. We have bank accs, fixed Interest, shares, managed Funds, etc including tax and AMMIT statements to enter. I the past we had Self Funding and normal warrants including contributions, pensions and rollovers. The risk always lies with the trustee who is ultimately responsible. I know Mclowd software but not used. Sounds like sour grapes from previous comments!.
Well I wonder who will be keen to do the audit?
Which professional are they going to blame when “Destroy It Yourself “investors become DIY accountants too?
Mclowd can do this for $33pa
Just a bit of risk for the accountant lodging the tax return then…
Will cause more problems than benefits. Will increase Audit costs when they get it wrong.