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    trustdeed.com.au                            onlinesmsfaudit.com.au                        e-newsletter


We have made some major enhancements to Online SMSF Audit. To explain these enhancements we are conducting a webinar.

 

 

Free Webinar

Our technical director, Manoj Abichandani, will be conducting a free webinar where he will show you how you can benefit from all new enhancements 

This is a must attend event for those who look after funds and prepare financial statemetns and claim ECPI deduction

Date: 17th Oct 2017

Time: 02:00 PM to 03:30 PM

How to book: https://www.onlinesmsfaudit.com.au/BookWebinar.aspx

 

Some of the enhancements are as follows:

1) New page after log in - My Funds

2) Look and feel of all the working papers tabs

3) Actuarial Certificates

4) Auto Save of Working Papers

 

1) New page after log in - My Funds

Some auditors who audit over 1,000 funds on the system had to wait for some extra seconds for the page "SMSF Audit Manager" to load; as this page has many calculations and data items such as ABN of the fund, members of the fund, funds in progress etc.

We have now introduced a new page "My Funds": this new page has no such calculations and will load after you log in within nano-seconds. All funds are listed alphabetically on this page and the screen has a default view of 10 funds which can be changed to 25 / 50 or 100 funds.

From this new page "My Funds"  you can search for the fund you want to audit (or the fund's audit "in progress") by its name or ABN. Once searched, you can click on ABN, name of the fund or on status of the fund to select a fund. The searched result is displayed in "SMSF Audit Manager" page.

In case you want to navigate to "SMSF Audit Manager" page after you log in, we have placed an icon on the top left hand side in the icon bar which toggles with the new "MF" (My Funds) icon.

Similar page has been inserted for accountants and their staff (associates) as well.

 

2) Look and feel of all working paper tabs

Working papers are now in new blue liquid design and will cover your whole screen. All icons are now arranged in new MS style. When you scroll down to audit in any tab, you will be able to see all the top icons, Tabs from A to H and all the permanent and Audit Evidence of the fund on the left window.

 

3) Actuarial Certificates

Your clients - referring accountants or trustees can purchase Actuarial certificates (AC) for $55 from the accountants log in "Document Manager" page. Many accountants use an automated AC service from within their accounting software and in many cases these AC give a wrong ECPI percentage.

Auditors will be able to check AC percentage provided by the accountant and included in the financial statements without any payment as the online system provides a provisional certificate before the payment page from SMSF Audit Manager page.

Please note that any pensioner who had a pension balance of over $1.6M on 30th June 2017 and was in a 100% pension SMSF had to commute the pension on 30th June 2017 to comply to the balance transfer cap amount. Auditors will also need to check that ECPI has been claimed for any income the fund earned on 30th June 2017. Some trustees may not want to claim ECPI deduction for that income as the cost of applying an Actuarial certificate could be more than the tax saved, however with the cost dropping to $55, these trustees may want to reconsider.

The only catch to this low price is that AC can be purchased for only the year of audit (say FY ended 30th June 2017), but to purchase AC for next year (FY ended 30th June 2018), they will need their auditor to complete an audit on the online audit system, so the year is rolled over to the following year. Hence, in other words, price of $55 for AC's is for accountants whose auditors who use our system. If you are an accountant, and want to avail this low price, we strongly recommend that you contact your auditor and suggest that they use online SMSF audit or we can provide you a list of 600+ ASIC approved auditors who are using our software every day.

 

4) Auto Save of Working Papers

Now the system will auto save working papers Tab A to Tab H - For auto save to work, you must click on the disk icon under the audit comment in any checklist question, comments on the remaining portion of the tab will auto save and you will not lose any work on that tab.

 

5) New template added - minutes for commencing a death benefit pension

We have added a new template "Death benefit minutes". This is for the situation where there are two trustees (husband and wife) on pension and where one dies with no automatic reversion of pension to the spouse. The minutes are for the remaining trustee tom commence a death benefit pension if the trust deed allows it.

Please note that this is a new account based pension which is commenced by the spouse as a death benefit pension. Pension documents will still need to be put in place if the spouse does not want to withdraw the deceased benefit as a lump sum payment to continue to claim ECPI deduction for the assets supporting the deceased members pension (for any further questions, call our technical team).

Reminder: Tax exemption is extended post the death of the pensioner as long as the death benefit is paid as soon as practical (Tax 2013/5)

 


A D V E R T I S E M E N T

 

Order a SMSF Deed + ABN, TFN  for $125 Incl. GST

or with Corporate Trustee for $165 + ASIC Fees


 

One smart form creates Trustee Company + SMSF + ABN Application

 

 


 

What is coming next on Online SMSF Audit

We are very excited about our forthcoming projects, but first want to thank all auditors for their support and those who have just started using our online audit software.

We now have 891 SMSF Auditors who are now registered online with us (600+ are very active users) of total 6338 auditors registered with ASIC. That is every 7th auditor is now registered on our website. We are very delighted to share that over 65,000 funds have been audited online for last year and a bit more than 4,600 audits conducted from 1st July 2017 till today.

We have many plans for the online audit software, some of them are as below.

 

1) Continuous improvement to our audit checklist

We want to ensure that each one of your audit is current and as per legislation, hence we are adding / changing checklist questions relating to the new contribution cap amounts, non-concessional limits including the bring forward rules, transfer balance cap, low income super offset, deductibility of personal contributions, spouse contributions & CGT relief.

We are also building a recurring table where auditors will be able to record movements in balance transfer cap along with the pension balance of each pension member and how members can keep count of the unused concessional cap carry forward provisions to ensure all the members are able to take benefit of the new legislation and not breach the new rules.

 

2) New SMSF Trust Deed $110 with corporate trustee $165 (+ ASIC fees) - including ABN & TFN application

Very soon accountants / administrators will be able to order new SMSF deed online from their document manager page. As soon as a deed is purchased the system will automatically add the fund in their portfolio and all deed documents will be stored in permanent documents folder.

The SMSF set up form will be able to create a trustee company, order a new SMSF Deed and apply for an ABN & TFN for the fund. This form is currently available on our sister website www.smsfdeed.com.au

 

3) SMSF Trust Deed update $110 + unlimited 5 year update for an additional $165

Accountants / administrators will be able to update their client's trust deed with just one click on our portal. All deed update documents will be stored in the permanent folder.

 

4) Digital Signature for accountants - Free Service

We have noticed that one of the reasons why some accountants hesitate in uploading SMSF data for their auditors on our online software is because there is not much added advantage over emailing the auditor SMSF documents, other than a free depository of their client documents on the cloud. We are now building a digital signature capability for them, so that they are able to interact with the trustees in a more meaningful way. We encourage auditors to integrate their website with ours, so that accountants visit their website to upload documents, instead of ours.

Very soon accountants will be able to upload SMSF financial statements & income tax returns (ITR) for trustees in PDF format and ask the trustees to log in to the system and digitally sign them to approve the financial statements and give approval for ITR to be lodged with the ATO.

This three tier authentication system will work as a digital signature as our systems will capture the signature, IP address and the time the trustee approved (signed) the ITR as proof of acceptance. This will be a free service for accountants.

 

5) Integrate with Class Super Accounting Software

We are in discussion with Class Super accounting package. They are building their API where auditors can access their systems as an independent auditor. We are told that this upgrade will be ready soon. And once available, auditors using our online software will be able to tap in to their cloud records and extract information required for their audit.

 

Artificial Intelligence in SMSF Audit

We are here to stay for a long term and are constantly exploring ideas on how to make the auditors life easier. We know that this is only possible by building block chain fields like ASX data / dividend data etc and making our machine intelligent in financial audit.

An auditor recently reported that he was able to conduct a financial audit of a fund in less than 12 minutes on our online system, the fund had 45 ASX listed shares with dividend income and some interest income. The auditor imported data from BGL 360 and used our long version of closing share prices table to calculate CGT discount for 12 purchase and sale of shares.

This report gave the auditor an automatic discrepancy report as the administrator had entered a wrong purchase date for one share while converting from simple fund to BGL 360. This resulted in the administrator altering the accounts to include the 1/3rd discount in the tax calculations, thereby registering the auditors credibility in the whole audit process.

We thank everyone for their support in our journey and if you think the software needs enhancement in any particular area, please call Manoj Abichandani directly on 0411 56 46 26.

 

 

 

If you are an SMSF auditor - do not be left behind - register on line and try our software for 5 funds for free.

Simply Click here to register

 

 


 

Are you short on CPD hours in Audit of SMSF's?

Learn how to Audit a fund in Less than half the time

Click Here 

This activity has been accredited for continuing professional development by the Financial Planning Association of Australia but does not constitute FPA’s endorsement of the activity. 6 CPD hours under self assessment method under RG 243.88 - 90 for Audit of SMSF.

 


 

 

 

Free Webinar

Book for the free webinar where we will show you how to benefit from all the latest enhancements .

Date: 17th Oct 2017

Time: 02:00 PM to 03:30 PM

 

 

 

 


 

 

Audit SMSF in Half Time - using our online Audit Tool

Register and Trial Audit 5 Funds for Free  

Let us show you...

How to reduce SMSF Audit time in half!

 

Do more with less ...

 

Australia’s first online SMSF Audit Software – Fully Automated Online SMSF Auditing Software

 

Workshop : 4 hours from 11.00 am to 3.00 PM

When:

19th Oct 2017 - Baulkham Hills - 2 Seats Left 

14 Nov 2017 - Baulkham Hills - 11 Seats Left

7th Dec 2017 -Baulkham Hills - 12 Seats Left

Where: Suite 3.04, Level 3, 29-31 Solent Circuit Baulkham Hills, NSW- 2153

Cost: $165 incl. GST 

(Includes working Lunch / Coffee + 10 online audits worth $187 + 4 CPD Hours From FPA)

How to Register: Visit  https://www.onlinesmsfaudit.com.au/SeminarBooking.aspx

 

Proposed Agenda

9.00 AM  Registration - Arrival Tea and Coffee

9.30 AM - 11.00 AM  Introduction to Audit Online on SMSF Audit Software and Website Integration

11.00 AM - Morning Tea

11.30 AM - 1 PM How can the accountant and trustee inter act with the software

1.00 PM - 2.00 PM Lunch and Networking 

2.00 PM - 3.30  Advanced SMSF Audit Issues and how to complete and audit in half time

03.30 PM  Workshop Closed

 

Introduction/Overview

SMSF Auditors spend too much time in financial audit and completing manual audit working papers, our online software does most of this work automatically & saves half your time as compared to traditional auditing methods. It checks closing share prices, dividends received from ASX and all mundane tasks of signing, scanning & mailing of audit report, Mgt. letter, engagement letter, Invoice & contravention reports etc. are automated with one click of a mouse.

Embrace an efficient framework for high quality audits and conduct audits on a flawless workflow Management system.

Achieve peace of mind & confidence of knowing that you are using a completely up-to-date online checklist and cloud process to deliver a robust, hassle free top quality SMSF audit. Improve communication with accountants & trustees. Manage 20 or 2000 audits by streamlining workflow from our smart Audit Manager & establish seamless communication between all parties. Our online SMSF audit system is the only tool which can deliver reliability, speed and volume and ultimately profits for your business at a fraction of the cost.

 

Benefits/learning outcomes

Audit from anywhere, anytime from any device on your own website or by integrating with ours. Increase audit effectiveness, add value, reduce audit risk, drive SMSF compliance, revolutionise your business.

Included in the fee is an account to audit 10 SMSF on the online platform worth $187 and Lunch & Coffee.

Those auditors who are already using the online software will benefit by learning new shortcuts and other advanced features of the online software. 

Recommended For

All SMSF ASIC approved auditors.

 

CPD Hours

6 CPD hours under self assessment method under RG 243.88 - 90 for Audit of SMSF.

This activity has been accredited for continuing professional development by the Financial Planning Association of Australia but does not constitute FPA’s endorsement of the activity.

Accreditation number 008743 for 4 hours. Professional Dimensions Capability 2 Hours Professional Conduct 2 Hours - Knowledge Areas;  6 Hours in SMSF

 

Attendee Requirements

Attendees may bring their own Laptops / Ipads for a better understanding - although some attendees may get more from the workshop by looking at the facilitators screen. 

 

Speaker

Mr Manoj Abichandani

ASIC approved SMSF Auditor, B.Bus(UTS), SMSF Specialist (UNSW) CTA FIPA LREA

Manoj has worked in SMSF space for over 25 years, first as an SMSF specialist advising over 600 funds with a CPA firm and later as an SMSF auditor. He develops and lectures on strategies which are practical and enhances retirement benefits of trustees. He has been working for the last 6 years in writing and developing online SMSF audit software- Australia's first SMSF auditing tool.

 

 

      

                           


 

DEED DOT COM DOT AU PTY LTD ABN: 32 123 929 984
Suite 3.04, Level 3, 29-31 Solent Circuit , Baulkham Hills NSW 2153  Phone: (02) 9684 4199

 

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