Direct data-feed for SMSFs to hit the market
Automated investment adviser Stockspot, announced it is integrating with SMSF administration software provider, Class Super, to provide accountants with a direct data-feed, enabling incomes processing and investment tax reporting.
The capabilities of the new software include a data feed summarising Stockspot's portfolio investments, capital gains, franking credits and dividend statements, as well as automatically generating tax summary statements.
"Robo-advice is the fastest frowing area of retail investment, with total assets managed by robo-advisers pegged to grow," Class chief executive, Kevin Bungard, said.
"SMSF investors are increasingly open to robo-advice and Stockspot is a pioneer in this space."
Stockspot founder and chief executive, Chris Brycki, said that the integration would cut down on admin hours for accountants and increase efficiency for clients.
"Managing tax administration can be complex and very time consuming for SMSF accountants. The automated feed from Stockspot to Class Super will save accountants hours of analysis and administration work at tax time for their SMSF," he said.
"We expect SMSFs will be one of our largest growth areas in the next 12-18 months as they seek access to... impartial investment advice".
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