Software for SMSF

Discussion in 'Superannuation' started by hiho, Nov 3, 2011.

  1. hiho

    hiho Active Member Silver Stacker

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    I did a search to no avail, I currently use MYOB for business purposes, is this sufficient for keeping track of SMSF transactions or is there a SMSF specific package you guys use?

    TIA
     
    hiho, Nov 3, 2011
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  2. rbaggio

    rbaggio Active Member Silver Stacker

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    Unless you will be making a lot of transactions, I suggest Excel is sufficient.

    At the end of each FY, the auditor will want to know what each withdrawl out of your bank account was for (which you need to justify), and that's pretty much it.
     
    rbaggio, Nov 3, 2011
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  3. hiho

    hiho Active Member Silver Stacker

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    mine is a company trust though badg, I will be paying contributions tax, gst etc etc, also would need to run depreciation schedule on items such as computers, hardware etc
     
    hiho, Nov 3, 2011
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  4. nonrecourse

    nonrecourse Well-Known Member

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    The one that 75% of all self managed super funds use in Australia is BGL. The initial software costs $660 for the first year which includes a day of training in a classroom they set up Australia wide.

    Their website is; http://www.bglcorp.com.au/products/simple-fund/introduction

    Subsequent years it costs $375 + GST. It even has the software to do your tax return but you can only lodge it manually unless you have an accountant friend;)
     
    nonrecourse, Nov 4, 2011
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  5. hiho

    hiho Active Member Silver Stacker

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    Thanks NR, saw a ad for this one, will have to weigh up the costs against the balance I guess, but the more accurate the info and presentability of the info would have to make the auditing task a lot easier one would think?
     
    hiho, Nov 4, 2011
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  6. nonrecourse

    nonrecourse Well-Known Member

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    They are a Melbourne company, head office is situated in Hawthorn Rd near North Road. The program has an audit as well as the tax section and it allows you to download all bank accounts and ASX data. I did the basic Simple Fund Trustee edition course and they do have good ongoing support Australia wide.

    If your a control freak like me and want to get rid of your accountant so you cut your costs and your auditor uses the simple fund audit software included in the Trustee edition then this is the industry standard that prints out audit report like any professional. That is why 75% of all SMSF's reporting usually done by accountants use this. The down side is if your not an accountant they won't let you lodge it electronicaly. I guess thats so they don't upset the vast majority of their clients.....Heavean forbid doing your own tax return we can't have that can we?..., sheeple just might gain some fiscal literacy.

    Kind Regards
    non recourse
     
    nonrecourse, Nov 4, 2011
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