BMR Corporate Solutions has launched an online document system that cuts SMSF registration time down to 15 minutes.
The cloud-based solution can be used in real time with clients, provides real-time error checking and data validation, and has removed manual processes.
The 15 Minute SMSF is integrated with third-party applications, including bank accounts with the Macquarie Cash Management Account and Commonwealth Bank of Australia, and Class Super, BGL 360, Xero and ATO registrations.
The problem with SMSF set-up was the length of time to establish and register the fund with the Australian Securities and Investments Commission and ATO, BMR senior consultant Mark Ratcliff said.
In addition, forms could be incomplete and have missing information, clients were time poor and not interested in multiple meetings simply to sign paperwork, and multiple instances of rekeying the same data wasted the time of staff who could be concentrating on value-add services instead, Ratcliff said.
“The reason why I had this idea back on 1 July 2011 was because when I was ordering super fund documents, it took two to three days, I received the form, filled it in and sent it back, then applied for the Australian business number and [all up] it took 28 days,” Ratcliff said during the product launch in Sydney last week.
“By the time that happened, the client wasn’t as eager as they were to get cracking.
“What we’ve done is create one form to set up the company, the super fund, member documents and Australian business number.”
The system also built in integration with Class Super, which was a powerful tool, he said.
“What we initially wanted was to be able to do a trustee update and then do a pension establishment through Class,” he said.
“BMR logs into the Class system so that the two systems are talking because we want to use that data in Class – we don’t want to have to type it again and we don’t want spelling mistakes, et cetera.
“This is a really big deal for us.”
BMR’s system offers online company establishment at any time of the day and SMSF documentation, including establishment deeds, deed updates, change of trustees, limited recourse borrowing and pension establishment.
Trust documentation includes fixed trusts, unit trusts, discretionary trusts and family trusts.
All documents are delivered directly via email ready to be executed.
BMR’s document library is reviewed regularly to ensure ongoing compliance with the appropriate and relevant Australian legislation.
The firm offers white-labelling versions of the system for advisers and accountants.