Do you want to make your life easier, your superfund compliance easier and of course help make the administration of your superfund easier?
We go on and on about data feeds and the important role they play in your superfund’s administration and we are now finally starting to see this also flow across to the audit of superfunds.
How would you like to travel around and get on with life, not having to worry about being home or having internet access to be able to provide us with documentation for the completion and audit of your superfund accounts? This is finally possible!
Software company, Class Super, has spent plenty of time and resources into auditing the data feeds they receive so that other independent auditors can place more reliance on this data. This is fantastic news, as this has a flow on effect to you all as clients.
What exactly is Class Super?
Class Super Pty Ltd (Class) is used by Superfund Partners to prepare your SMSF accounts. Class acts as an intermediary between Superfund Partners and the various banks, share brokers and investment providers you utilise for your SMSF.
By signing any requested third party authorities, your SMSF transactional information is provided to Superfund Partners through the Class system. Class or Superfund Partners do not have any logins to your bank or investment providers and the software operates on the highest possible security systems which means we only have access to the data we are entitled to view.
Banks compatible with Class
If you have a bank account that was data fed into Class from one of the banks listed below, and it was data fed for the entire year, then no bank statement is needed. Don’t even need a 30 June statement!
Trading compatible with Class
If you have your superfund investment trading through a platform which is data fed into Class from the list below, and it was active and data fed for the entire year, then no need for copies of contract notes, or holding statements.
Let’s say your superfund has a Macquarie CMA all year, which was data fed into our system, and your shares are traded through Commsec for the entire year, you wouldn’t have to provide us with any documentation. Doesn’t that sound fantastic?!
Basically, if you want to provide less documentation… say YES to data feeds and make sure they are on the approved lists above.