Artcore.
'That's assume you know your trustee obligations and compliance requirements etc. However how many trustee can put their hands on heart to say I know how contribution cap works, bring forward rule, pension limit, preservation, capital gain tax, in-house asset rules, dividend streaming, supervisory levy, SuperStream, div 293 tax, contribution split, rollover, PAYG, GST, lump sum, conditions of release, etc work...
That's why vast majority of SMSF trustees will engage an adviser/accountant/smsf administrator to do above for them, while they can focus on investments.
This is where Class and indeed other specialised SMSF software fills the gap, they make everything other than investment easier for the accountant/planner/smsf administrator to do these compliance and administrator work.'
100% agree with you. Any trustee attempting to do their own admin runs a substantial risk of not being compliant.
My question was what functionally does Class offer, that Mclowd or eSuper do not? What would assist me in moving to an accountant or planner who uses the Class software?
If I could get an accountant to do the admin on my SMSF for under $300 per year, plus a margin of say 25% = under $400, then I'd consider them tomorrow. I suspect most accountants will continue to charge amounts that are above $2k for the admin, use the Class software and consider the hugely increased margin as a windfall. Good for them, as we are all entitled to maximize our margins.
Although I'm not a customer, and have no affiliation, with Mclowd I think everyone should get a free account and log in to see what sort of software can be build for a few tens of thousands. The point is the cost of entry to what is an administration process is now very low, and anyone charging a premium must continue to innovate to offer customers more each year. I ask again what can CLASS do that Mclowd or eSuper can't?
For what its worth, I can run multiple pensions, have pension and accumulation phase running, segregated accounts, alternative investments, have some members in pension phase and other not, have auto generated emails to remind me how much I should draw some weeks prior to the year end, have an actuarial certificate ($100 extra). My admin notifies me of the caps at the begging of each year, allows advance funding into the next year in June, allows property.
To sum up my admin does indeed do -
contribution cap works, bring forward rule, pension limit, preservation, capital gain tax, in-house asset rules, dividend streaming, supervisory levy, SuperStream, div 293 tax, contribution split, rollover, PAYG, GST, lump sum, conditions of release, etc work...
And well done to those who were existing SH, or large clients who had a preference in the share allocation. A significant profit on first day.
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