Reasons Why Superfund Managers Should Use DIY Super Online

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The emerging trend of people managing their own retirement funds has caught on. Triggered by the world financial crisis, a lot of people in Australia have made the decision to put their retirement funds in their own hands.

For the trustees or managers of a superfund, it is always challenging to run the financial affairs of other people’s retirement funds and investments. This is especially true if one does not have an accounting or financial management background.

There are various web-based products that have been introduced to help Super Fund managers in their tasks of managing pension funds.

Why a superfund manager should use an online kit

• It makes work easier for the fund manager or trustee. Since the online kit is automated, there is no bulky paperwork and forms that are required to be filled in manually.

• The fund manager is able to generate financial and audit reports without the need for an outside accountant.

• An online kit like the one located at: http://www.diysuperonline.com.au/home is designed solely for superfund management. It is an asset to the fund manager. It makes work much easier and so much more accurate. Provision of professional services to the SMSF sector come in handy when one can access an online product that allows them to do it themselves.

DIY Super Online
DIY Super Online

Tasks made easy: How to manage a super fund using an online kit

Transactions: It is fairly straight forward to make transactions using the online kit. Depositing funds, making a payment, or even purchasing stocks or shares will be done easily using the kit.

Balance sheet: Profit and loss reports will be generated using the online kit. This will help the fund manager or trustee decide on the best course of action with regard to disposal of stocks or assets. It will be possible to monitor ROI (return on investment) that is realized by the superfund.

Specialized Accounting Services: These involve:

1. Setting up new fund: The task of setting up a find that will be self- managed calls for some kind of expertise in the field of finance and investment. With the new online tools offered, a fund manager or trustee will easily set up the fund following the guidelines provided.

2. End of year compliance: At the end of every financial year fund managers or trustees are required to make and submit financial reporting that give information about balance sheets, profit and loss statements, member statements, trustees resolutions and minutes, annual audits, preparation and lodging of income Tax Returns. With the new online kit, the trustee or Super Fund manager will never be late to submit the returns or to comply with the legal and statutory requirements.

3. Documentation: The task of recording pensions, contributions, and benefits is made a lot easier when using the online kit. The trustee is able to record the members’ contributions. If there are new entrants or applications for new membership, the online kit provides the guidelines to facilitate new membership. If there happens to be a change in trustees, the super online kit will allow for this operation.

4. Professional partners: When a self-managed super fund trustee uses an online tool for operations, there are endless possibilities. For example, access to and the ability to network with professionals in similar fields would apply. There is a range of professional partners that are allied and connected to the providers of the online super fund management kit. Accountants, investment bankers, superannuation taxation advisers, estate planners, superannuation legal advisers are all networking and partnering with DIY super online. They are available and accessible to the trustee or superfund manager for any specialized professional services.

Conclusion: DIYsuperonline

Many trustees or superfund managers will benefit greatly by using the easy-to-use professional kit. It does make managing a Super Fund straightforward and enjoyable with no fear of making mistakes that would results in penalties due to non-compliance or lateness in financial reporting. Adopting the online kit opens a world of possibilities to the fund manager or indeed anyone who is just beginning to manage their own Superannuation Fund. The ability to follow the growth and performance of the Super Fund’s investment in real time gives the trustee an upper hand in making purchases, offloading or re-investing decisions. If certain shares the fund has invested in do badly, the trustee can plan for an exit strategy.