Business News

Topdocs adds automated ABN capability

Topdocs has added automated Australian business number (ABN) applications for SMSFs to its online portal through a new direct link with the Australian Business Register (ABR).

The new feature automatically pre-populates the entire ABN application form for advisers free of charge when they set up their SMSF establishment documentation with the legal document provider.

Topdocs director Michael Spakman said the registration process could take up to 30 minutes when done manually, so the new tool would be a welcome relief for advisers and accountants alike.

“We know how frustrating the ABN application process currently is,” Spakman said.

“So as part of our new Instant SMSF online application, we have created a link with the ABR.

“Users simply review the fully-populated online application then submit it without having to enter any client information.”

As part of the Instant SMSF application, advisers can also register a corporate trustee for their SMSF, create a Macquarie or National Australia Bank (NAB) cash management account (CMA) application, and have the investment strategy prepared for the fund using the one online application form.

The application will also automatically create the new fund in Class Super’s software for those accountants using it.

Spakman said the new application could save advisers over an hour in set-up time when creating their new SMSFs.

“We have turned the overall process of setting up the fund, creating the CMA and applying for the ABN from a process that can take advisers up to an hour and a half to 10 to 15 minutes,” he said.

Last month, Topdocs formed a partnership with NAB to provide a streamlined solution for advisers to establish CMAs at the same time as ordering their SMSF, company and trust documentation.

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