Hyperlinked educational material is available on the SMSF site to assist trustees and advisers alike to learn more about DIY superannuation funds. Tranzact Super does not provide investment facilities or investment advice. We specialise in SMSF administration and compliance and all SMSF related services except investment advice.

A comprehensive SMSF FACTS list provides up to date information and tables vital to self managed superannuation fund activities. Useful LINKS to associated sites are also included. All these items are to assist Tranzact Super to provide comprehensive SMSF administration and compliance services to trustees and the financial planners, accountants and lawyers who advise trustees.

ACCESS

Much of the SMSF web site is accessible to all. Access to SMSF fund reports and adviser services is restricted by a user name and password under the control of the user. Trustees can access their own SMSF account details. Advisers may access all their clients’ SMSF accounts, check their business statistics, search for investments by portfolio and regulate the SMSF reports available to their clients. Dealers may access all their adviser’s SMSF details to ensure their ongoing compliance.

PURPOSE

Since 11^th March 2004 any person recommending a self managed superannuation fund activity must be licensed to do so. We welcome this move by the government to increase the level of professionalism available to fund trustees and are available to assist not only trustees but also advisers who wish to operate in this exciting field. Our objective is to provide Australia’s leading DIY superannuation compliance and administration bureau by combining old fashioned experience and professional service with an ongoing program of SMSF education and technological advancement.

The vast majority of self managed superannuation funds are still administered by accountants to whom the trustees provide a bundle of papers representing the activities of the SMSF during the previous financial year at some time during the next financial year. In our experience this method of SMSF  administration creates a number of adverse results

• SMSF Investment decisions are difficult to make without consolidated and up to date information on investment performance.

• Written investment strategies, an important legislative as well as practical requirement, are seldom formulated.

• Strategies capable of significantly improving the estate planning or lifestyle objectives of members are not adequately addressed.

• Prohibited investments, capable of rendering the SMSF non-complying, are made and not detected for some considerable time.

Compliance problems are common place as indicated by the tax commissioner who stated that there was a 70% error rate amongst DIY funds with 20% of funds having committed serious breaches. He also stated that the tax office was about to enter a punitive stage. This announcement is not to be taken lightly considering available penalties such as trustee disqualification, penalty tax of 47% of the ASSETS of the fund, fines of up to $200,000 and jail terms of up to 5 years.

Tranzact Super’s daily SMSF processing and compliance services has enabled us to deal satisfactorily with these issues and, in the process, produce a variety of useful web based reports.