SMSF documentation and strategy specialist NowInfinity has joined forces with administration provider Class Super and accounting software firm Xero to automate certain SMSF functions, including fund establishment and setting up limited recourse borrowing arrangements.
Specifically, the new partnership means all three organisations will share client data, streamlining the running of SMSFs as well as the implementation of fund strategies.
From a practical perspective, once a client record is generated by Xero Practice Manager, the information is automatically made available to the NowInfinity platform to allow the implementation of SMSF strategies. The same client data is also made available to Class Super to enable efficient fund administration.
“With traditional manual processes it can take several days to set up an SMSF trust deed, and up to 28 days to obtain an ABN (Australian business number) or TFN (tax file number) from the Australian Business Register. This new solution reduces the time involved in completing these fund establishment tasks to only minutes, saving time, costs and enabling the accountant or financial planner to focus on providing strategic advice and better service to their clients,” NowInfinity director Grant Abbott said.
“More complex strategies such as limited recourse borrowing arrangements can be completed in minutes.”
Class Super chief executive Kevin Bungard said the new collaboration would boost productivity significantly.
“The NowInfinity integration with Class Super provides accountants and financial planners with a complete and streamlined solution for fund establishment, document generation and administration,” Bungard said.
“The solution will help drive innovation and change in the SMSF industry, changing traditional work practices and significantly boosting productivity.”
