Automated self-managed superannuation fund (SMSF) trust deed update service SuperCentral has achieved a client base of 500 funds in just two months.
The service is one of a number of innovations spawned in recent times by Australia’s rapidly changing superannuation environment. According to SuperCentral superannuation counsel Michael Hallinan, there have been eight major changes to superannuation law impacting SMSFs since 2002. While most of these act in favour of trustees, the changes required the generation of an updated trustee deed before any benefit to trustees is realised.
The online updating process offered by SuperCentral reduces the amount of time spent contacting clients, locating original deeds, explaining changes and engaging a solicitor to affect the changes.
“Given that most of the accountants who have subscribed to [the service] have an average of 20 SMSF clients, it was a time-consuming, expensive task,” Hallinan said.
“As with the launch of any new product, we were conservative in our expectations,” he said. “But the response from the accounting community has been astounding.”
