SuperMate launches new SMSF feature
Specialist self-managed super fund (SMSF) administration company superMate has launched an additional feature to its cloud-based software platform — an automated depreciation schedule feature.
Launch of the new feature was announced to coincide with this week's SMSF Professionals' Association of Australia (SPAA) conference in Melbourne.
Commenting on the launch, superMate chief executive Kurt Groeneveld said more people were looking to invest in property through their super funds, and a key requirement from this segment was the ability to create detailed depreciation schedules.
"Historically, administrators monitor depreciation externally to their SMSF software and manually enter the relevant depreciation journals at year end or upon disposal of the asset," he said.
"This all takes time and can cause errors."
Groeneveld claimed the new feature automatically calculated the year-end depreciation expense entries and transferred them to the relevant accumulated depreciation account at year end.
He said the feature also tracked the diminishing value of assets and automatically switched them to the low-value pool.
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