Multiport acquires Super Outsource
Online self-managed superannuation fund administrator, Multiport, has further extended its reach into the SMSF industry with the acquisition of Super Outsource.
Multiport’s chief executive officer John McIlroy expects further consolidation of SMSF administrators in the future and is looking for more opportunities for Multiport.
According to McIlroy, the growth in SMSF numbers has been fuelled by the need for more direct control of investments by trustees, as well as the previous bull market creating thousands of seasoned investors wanting to manage their own investments.
“Investors and their advisers now have to manage portfolios ‘24/7’ given the difficulties arising from the recent market falls and they need fully up to date portfolio information to be able to manage investments and their tax position,” McIlroy said.
“Very few SMSF providers can provide 24/7 information.”
McIlroy said that SMSF trustees cannot keep their transaction details and audit trail in a shoe box and stay compliant with the Australian Tax Office.
“How can trustees be active asset traders while keeping a transaction trail in a shoe box that is reviewed 18 months after the trades?,” he said.
“Old style end of year accounting no longer works and SMSF trustees better keep an eye on the ATO if they fall into non-compliance through poor record keeping. The ATO will audit 11,000 SMSFs this year and they better be current in their audit trails and have an updated investment strategy.”
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