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!
- If we can access Class data feeds but the feed, for some reason, has stopped or changed = we will most likely ask you for a bank statement during this time. For example, if you change the trustee to a corporate trustee and need to open or close a bank account then we will request bank statements.
- If we have Banklink for the full financial year = just a 30 June bank statement to satisfy the audit requirements.
- If we do not have Banklink for the full financial year = we ask for the bank statements for the period.
- If the bank accounts are not data feed via Class or Banklink = we request the full year bank statements.
When the request is made for bank statements, we can usually process the transactions from a transaction listing. However, when it comes to the audit, there is no substitute and the official bank statements must be provided.
Similar to the administration of your SMSF needing to adhere to rules and regulations provided by the ATO and the relevant legislation, our auditors also have requirements they must adhere to.
We endeavour to have all bank accounts on one of the methods of data feeds, so if you have received a data feed form to sign recently, sign it, send it back and we can get it up and running!