Support Services to Superannuation professionals

In the regulatory environment that surrounds SMSFs, routine tasks of administration and compliance can eat up substantial chunks of time that could otherwise be spent on critical investment decisions.  

From the Superannuation Professional's perspective, that time spent on recording routine transactions and chasing deadlines could be more productively used to provide value-added services to clients, which would mean better utilisation of billable time. Guitcom works in partnership with Superannuation professionals in Australia to deliver a comprehensive SMSF services package.  The time and resources of the Australian SMSF professional could therefore be better used in other high-value areas such as  advisory, investment management, planning, strategy, audit and compliance.

Guitcom has been operating in this specialised area of Australian accounting since 2003. We have a dedicated and experienced team of accounting professionals, supervised by Chartered Accountants, focusing exclusively on the SMSF segment.

Guitcom’s SMSF service package includes the following :

	Setting up a new fund on BGL’s software/ Transferring an existing fund’s history onto Simple Fund
	Established Fund - Reconstruction of Financial Records, Member benefits and Fund Investment History
	Recording all fund transactions on a periodic basis (quarterly/half-yearly/annual)
		CGT Date tracking and CGT effect accounting General Ledger Transaction tracking (including tax implications of each transaction). Accumulation/ Pension stage accounting GST effect accounting Member Benefit tracking (i.e. Preserved, Unrestricted Non-Preserved, Undeducted Contributions) Reconciliation of investments with reports from service providers like investment managers/Wrap managers Verification of closing balances and market prices Obtaining missing information from external reliable sources as applicable
			Examples –
		Dividend/distribution payment history, tax credits and tax statements from registry or ASX websites Verification of closing holding balances and prices with registry (with HIN/SRN) Accounting for securities reconstructions, etc during the year with information from ATO Class rulings, ASX, issuer websites Valuation of unlisted investments on NAV basis taken from published annual reports on their website
	Preparation of Draft Year End Financial Statements
		Operating Statement, Statement of Financial Position Notes to Accounts Members Statements
	Draft Fund Income Tax and Regulatory Return ready for electronic lodgement
	Pre-audit check of the accounts
	Full set of audit support documentation and working papers including
		Bank reconciliation Depreciation schedules GST reconciliation Verified Investment income report Verified Investment summary report with supporting documents as applicable Worksheets showing independent verification of tax for the year calculated by Simple Fund and the balance in tax accounts on the balance sheet Worksheets showing independent proof of PDIT/ FITB balance
		Click here to view the detailed SMSF workflow process.