11 Aug SMSF Accounting made simple
Another financial year. But where do you begin?
It all begins with an email that Otium send you, entailing a list of documents required to finalise your tax and accounting.
The sight of this email is overwhelming. The amount of documents listed are longer than the Great Wall of China and it makes you wonder why you decided to go down this path.
Don’t stress. Hand in hand with a host of new innovative products being introduced here are a few options that we recommend to eliminate this worry and send you in the right direction.
If you have an Otium Platform account, you can upload and store important documents relating to your superfund online. To upload docs go to Mydocs inside your account and hit the add new doc button.
Did you know you can also link all rental expenses including notices and statements from your investment property to your Platform account. Click here for a guide on how to set this up.
Utilising your Platform account allows you to manage your financial world digitally and puts a stop to those lengthy reminders you receive from our SMSF compliance team . I’d say this is a win, win.
Along with pulling your hair out in search of bank statements, if your SMSF currently holds bank accounts with Westpac-you are in luck! If you have already undertaken the steps required to activate the direct feeds online via Westpac Live you are most likely reaping the benefits of this feature. If not, essentially switching your Westpac data feeds on enables us to efficiently complete your SMSF return as we are able to pull out the bank transactions from your SMSF bank and loan accounts into our specialist accounting system (Class). Long story short- you won’t need to provide bank statements, crossing another item off that checklist. To get on board, there are no charges involved just contact our office and we will guide you through the step-by-step process. Unfortunately if you aren’t with Westpac, behind the scenes our accounting system Class is working hard to activate this feature for you- but in the meantime, hang in there and keep providing those bank statements.
If you’re not as tech savvy you can send all documentation relating to your superfund to firstname.lastname@example.org. From here, we can retain the records on file for you and keep the hassling to a minimum.