Self-managed super fund (SMSF) service provider Heffron has launched an investment strategy compliance service for SMSF practitioners to check the validity of investments and insurance held within a fund.
Under recent changes to the Superannuation Industry Supervision (SIS) Act, SMSF trustees are required to review their investment strategy to ensure to it takes into account the various circumstances of the fund and whether the SMSF should hold insurance policies over the lives of its members.
Heffron technical services head Meg Heffron said this task usually fell to an SMSF trustee's adviser or accountant. He said the new service was well suited to situations where the strategy had already been set but still needed to be tested for compliance with the SIS Act.
Heffron sales and marketing director Ben Smythe said the stand-alone service was separate from other Heffron offerings and did not provide recommendations to SMSF investors.
Smythe said the service was designed for financial planners and accountants who provided SMSF advice. Planners could use the service to document an SMSF investment strategy for SIS purposes, and accountants during year-end accounting/compliance work to create an audit file of the SMSF investment strategy.
The service can be accessed as a single licence for $55 or $275 for an unlimited annual licence.
