Business News

Technology improving SMSF tax compliance

SMSFs are having their tax obligations made easier as a result of the increased employment of technology, according to platform provider Hub24.

The organisation has itself implemented a technological improvement allowing it to match up expected data from share registries and fund managers and in turn improve its ability to forecast the release times for tax statements.

The new facility is called the Tax Statement Estimator and Hub24 used it in the process of completing and releasing all of its client tax statements.

“We’ve made operational improvements, including further automation of processing functionality to get tax statements out as quickly as possible,” Hub24 strategic development director Jason Entwistle said.

“The new Tax Statement Estimator tool has assisted with managing client expectations around receiving final and accurate information.

“The operational challenge has always been receiving final tax data, particularly from some managed funds.

“Given the growing use of separately managed accounts on the Hub24 platform, where we have full control over the processing of the tax data, we are pleased that we have been able to reduce the time it takes to finalise tax statements for many of our clients.”

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