SMSF online form with checking tools
Self-managed super fund (SMSF) service provider Heffron has launched an online SMSF form with in-built checking tools to avoid compliance headaches.
The move comes in a bid to not just check for information that is definitely wrong, but to check for things that might be wrong in a SMSF establishment form.
The form also protects financial advisers and accountants from compliance and risk management issues when recommending SMSFs to clients.
"If you're a busy accountant or a financial adviser and you're filling in an online form, it's very easy just to put in a piece of information that's wrong and anyone who knows anything about SMSFs can see it's probably wrong. Yet it doesn't get picked up by the form," head of customer Meg Heffron said.
"What happens with SMSFs is compliance issues only come to light many years down the track by which it's often too late to do anything about it."
The form comes with 50 checking mechanisms. Heffron has a direct integration with the Australian Securities Investments Commission (ASIC) with their database, which alerts them on whether a company mentioned on the form exists or not.
It will also highlight wrong addresses and doubling up of tax file numbers.
"We know SMSFs and we know how a small mistake in the establishment phase can create a compliance headache down the track," document services manager Duane Pinches said.
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