SMSF administration software specialist Class Super has entered into an integration arrangement with automated investment adviser and fund manager, Stockspot, allowing for direct data connection between the two parties to enable income processing and investment tax reporting.
The integration means accountants will be able to receive a daily data feed, which includes their client’s Stockspot portfolio investments, capital gains, dividend statements and franking credits.
It will also automatically generate tax summary statements, cutting down on hours of administration and analysis of taxation data.
“Robo-advice is the fastest growing areas of retail investment with total assets managed by robo-advisers pegged to grow to US$2 trillion by 2020,” Class chief executive Kevin Bungard said today.
“SMSF investors are increasingly open to robo-advice and Stockspot is a pioneer in this space.”
Stockspot founder and chief executive Chris Brycki said managing tax administration can be complex and time consuming for SMSF accountants.
“The automated feed from Stockspot to Class will save accountants hours of analysis and administration work at tax time for their SMSF clients using Stockspot,” Brycki said.
“Stockspot’s highest growth portfolio has returned over 8 per cent per annum since 2014.
“We expect SMSFs will be one of our largest growth areas in the next 12 to 18 months as they seek access to global shares, franked dividends and impartial investment advice.”
Last week, Class also announced it had partnered with insurance compliance service provider SMSF Life Insurance Reviews, enabling accountants and financial planners to pre-fill the annual SMSF life insurance review questionnaire, using investment data from Class, alleviating the need for manual data entry when complying with the investment strategy operating standard.
“Our integration with Class enables accountants and their SMSF clients to document the consideration of life insurance for all fund members in a couple of clicks online,” SMSF Life Insurance Reviews director and responsible manager Brett Wright said.
“The compliance tool is independent and there is no sales spin or product selling, just pure and simple compliance.
“All accountants can use this tool with their clients, regardless of whether they choose to have no licence, a limited or even a full licence for providing SMSF advice and services as of 1 July 2016.”
In addition to eliminating manual data entry procedure, the integration will also deliver risk management efficiencies for users as it facilitates a once-a-year audit check that backs up the insurance meeting minutes within the investment strategy each year.
Bungard said he was pleased with the incorporation of SMSF Life Insurance Reviews to his organisation’s partner arrangements, as the regulations around life insurance for SMSF members can be challenging for accountants.