SMSF offices go paperless
There is a major shift towards creating a self-managed super fund (SMSF) paperless administration system, with cost rationalisation and new SuperStream measures being the main drivers of this change.
According to Olivia Long, the executive director of SMSF administrator SuperGuardian, the industry was "80 per cent there" when it comes to creating a paperless SMSF office, and SuperGuardian as a firm was currently saving $170,000 per annum - based on 1,000 funds.
Bank statements, electronic data download, and annual report links (share registry communications) have all been switched to the online world.
However, one of the issues associated with the shift is that trustees would have to log-in, download and save the documents themselves.
"One aspect that that's adding to the SMSF trustee is that they need to be more hands on and work with technology, step-up and do things they may not have had to do in the past," she added.
While cost rationalisation might be the biggest driver of change, new SuperStream measures have also contributed to the big shift, Long said.
"You can set up an SMSF, but you cannot effect a rollover unless it's with someone with proper SMSF software," she said.
AUTHOR
Milana Pokrajac
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