We all understand that sometimes it’s, well, annoying to be asked for a document you didn’t think you would have to provide. Numero uno… the bank statement request when we already had you sign the data feed authorisation to allow Superfund Partners to download the bank transactions.
So, what we will address today is when we will request copies of bank statements, and when we will not.
The 2 Types of Data Feeds
There are two types of data feeds available to us; the Class data feed, and Banklink. While Class has a large number of banks agreeing to the data feeds, some data feeds are not available, however, they may be accessible on Banklink. Other banking institutions, such as some credit unions, are not yet available on either Class or Banklink.
The Rule of Thumb
Generally, for bank statements, the rule of thumb is:
- If we can access Class data feeds and we have had the data feed with no interruptions for the full financial year = no request for bank statements!
We would like to congratulate our fellow work colleagues Superfund Wholesale on their latest recognition – SMSF Administration Provider of the Year by SMSF Adviser.
The SMSF Awards recognise excellence and innovation, and receiving the coveted award is a milestone for any business, demonstrating its level of commitment to the superannuation industry.
The team are super excited to see that all their hard work and dedication has been recognised. Check out their thank you video below.