Super Concepts has announced the release of a new advice service for the self managed superannuation fund (SMSF) market that tracks performance of individual SMSFs.
The Portfolio Administration Service, to be marketed under the name 24/7, will enable trustees to access information on fund performance including portfolio valuation reports to track share movements, asset allocations for comparison to investment strategy parameters and income and expense reports.
Super Concepts’ superannuation manager, Graeme Colley says the new service will help users deal with the day-to-day administration, record keeping and updating of their fund.
“With 24/7 people will be better equipped to make vital investment decisions because they’ll have instant on-line access to a range of relevant information.”
The service also provides information for trustees in the areas of compliance, contribution information, reports for both realized and unrealized capital gains and losses, benefit component details such as the amount of unrestricted non-preserved benefit that may be accessed and pension payment details.
Colley says the service can help reduce the possibility of trustees breaching the Australian Taxation Office (ATO) or Superannuation Industry Supervision Act requirements.
The release of the service comes after announcements in the May budget calling for tougher scrutiny of SMSF arrangements by the ATO with SMSFs remaining as one of the fastest growing areas of retirement savings with about 300,000 funds in existence.
