A new software application has been released into the market designed to allow trustees to perform the SMSF administration function for their funds by themselves.
SMSF trustees using the new DIYSOL facility can record all of the fund’s transactions and produce the necessary financial statements without the aid of an accountant.
“It makes no sense for people running a super fund to pay an accountant, sometimes well over $1000, for basic transaction recording when they can do most of it themselves,” DIYSOL founder Jeff Bain said.
The administration platform records all SMSF assets as well as the income generated from the holdings. It also has the ability to break transactions down to the individual member level, which in turn allows it to generate detailed member statements.
In addition to generating administrative items such as financial statements and investment and member reports, the platform also produces reports required for the SMSF audit and performs all of the tax calculations for the fund.
DIYSOL, however, cannot prepare the tax return for an SMSF nor can it lodge this return to the ATO.
The offering has been designed to be used in conjunction with diysupermanagers, a partner organisation with the ability to prepare and lodge SMSF tax returns and perform the fund’s annual audit for an additional fee.
SMSF trustees can access DIYSOL for a subscription fee of $330 a year, which includes a help facility and covers all necessary software upgrades.
A 14-day free trial is being offered as part of the platform’s launch into the SMSF sector.
