Specialist advice and legal document provider, Topdocs, has unveiled a new registration tool geared at helping advisers streamline Australian Business Number (ABN) applications when processing self-managed super fund (SMSF) documentation.
The new application, known as ‘Instant SMSF', will help advisers during the process of setting up SMSF establishment documentation and will be available in Topdocs' online portal.
Topdocs director Michael Spakman said the registration tool will provide "much awaited relief" for planners and accountants alike, by removing friction from the application process.
"We know how frustrating the ABN application process currently is, so we have created a direct link with the Australian Business Register which automatically pre-populates the entire ABN application for advisers when they set up their SMSF establishments with Topdocs," Spakman said.
"Users simply review the fully populated online application, then submit it, without having to enter any client information."
As part of the Instant SMSF application, advisers can also register a corporate trustee for their SMSF, create cash management account applications with Macquarie or National Australia Bank, and have the investment strategy prepared for the fund — all within one online application.
For accountants using Class Super, the application will also automatically create the new fund in the Class Super software.
According to Spakman, the key benefits of Instant SMSF will see it drive efficiency by significantly reducing setup time for advisers when creating their new SMSFs.
"We have turned the overall process of setting up the fund, creating the Cash Management Account [CMA] and applying for the ABN, from a process that can take advisers up to an hour and a half to do, to a simple 10 to 15 minutes," he said.