SuperAstute - Bendigo Wealth launches new SMSF administration service
Bendigo Wealth has officially launched SuperAstute, a new end-to-end self-managed superannuation fund (SMSF) administration service for trustees who really choose to 'do super themselves' or in conjunction with an accountant or financial planner. The SuperAstute offering is essentially a 'one-stop-shop' that can take care of every aspect of running a start-up or an existing SMSF.
SuperAstute can take care of establishing the trust deed and linked bank accounts, monitoring investments, monitoring contribution limits and end of year audit and tax return requirements.
Bendigo Wealth has also partnered with TAL to provide SuperAstute trustees with access to TAL's award winning accelerated protection life insurance product range, Diego Del Rosso, Bendigo and Adelaide Bank's Senior Manager Strategic Partners and Wholesale said.
“A growing number of Australians find the control they can have in running their own SMSF very appealing, but being a trustee is an important role with quite onerous responsibilities. It's not for the time-poor or faint-hearted, so SuperAstute is there to make a trustee's role easier, Mr Del Rosso said.
“Everything is there within SuperAstute to provide trustees with everything they need to set up, administer, invest, audit and keep their SMSF compliant. It reduces complexity, it's transparent and it gives trustees greater control and online functionality.”
Julie McKay, Senior Manager Technical and Research, Bendigo Wealth said SuperAstute is an affordable, end-to-end solution for SMSF trustees and their advisers that utilises cutting edge technology capable of providing an up-to-date overview of their fund.
“Bendigo Wealth has a number of existing products being utilised by people running SMSF's and SuperAstute neatly consolidates the existing offerings in the one place. SuperAstute also provides a convenient dashboard which allows trustees to manage a range of investments and assists with compliance to keep their chosen investment strategy on track, Ms McKay said.
“For trustees using a financial planner or an accountant to help them run their SMSF, managing the associated work flow is made easier with the ability to set up alerts that are triggered by either physical events or a nominated point in time to help keep the fund on track.”
“The traditional role of accountants and financial planners is shifting from the ‘once-a-year' evaluation to a more comprehensive administration and advice solution. SuperAstute makes life easier for the trustee and their financial planner or accountant while containing administration costs.”
Brett Clark, CEO, Retail Life at TAL said SuperAstute gives trustees and advisers access to TAL's award winning Accelerated Protection life insurance product range within a best-of-breed online SMSF administration service, providing customers with comprehensive cover and premiums deducted directly from their SMSF.
“Bendigo and Adelaide Bank is a very important business partner for TAL. We share a similar passion for serving our customers and community that goes beyond just the products we provide. It is a partnership we really value,” Mr Clark said.
SuperAstute is flexible enough to plug in to your existing arrangements or to start an SMSF from scratch with access to the full toolbox and suite of services.
SuperAstute at a glance:
- provides an end-to-end administration solution for SMSF trustees and their advisers or accountants
- cutting edge technology provides an up-to-date overview of the fund
- assists with compliance to the trustee's investment strategy
- facilitates the investment management process
- ensures accurate record keeping and minute issuance
- is cost efficient
Consolidated view of the SMSF:
The dashboard provides an up-to-date in depth view of:
For those with a planner or accountant:
- Ensures advisers and accountants have information necessary to look after their clients by automating SMSF management and administration
The dashboard allows advisers to:
- Trustees' fund transactions are interconnected, streamlined and talk to each other where linked services are used
- Keeps you informed of what is required via SMS, Email or Letter alerts - the choice is yours
- provision of documentation to establish your fund including trust deed, trustee declarations
- application to become a regulated fund, ABN and TFN application, establishment minutes, and
- member applications
- follow up of rollovers from existing funds
Statutory obligation assistance
- preparation and lodgement of regulatory returns and forms
- preparation of annual statutory financial accounts and member statements
- preparation of trustee minutes
- Reporting, trustee assistance and administration
- monthly reconciliation of your Fund
- quarterly and annual reporting to members, trustees and financial advisers, including investment values and performance
- notifying trustees of upcoming obligations
- notifying members of assets outside of investment strategy
- maintaining appropriate records for each member
- monitoring non-standard assets and notify of need for revaluation
- retaining records in digital format
- liaising with regulators and professional advisers as appropriate for audit, trust deed amendment, actuarial, asset valuations and the like.
Tax and audit
- determining correct tax payments for fund and members
- arranging preparation and lodgement of tax, BAS, IAS, GST returns as required
- member contribution reporting
- preparing and supplying work papers for audit and actuarial review.
Assists with trustee obligations
- SuperAstute monitors each SMSF's investments against its set investment strategy alerting the adviser and trustee of any potential breaches
- Contributions caps are set a level at which you want to be alerted and you can choose your method of alert (SMS, Email or letter)
- Pension minimums and maximums - You'll know exactly where you're up to with your minimum pension requirements and if you have a maximum limit, receive an alert when you are within 15% of the maximum amount
Cash Management and additional services
- Facilitates access to online investments in cash, term deposits, shares and lending with portfolio rebalancing
- Adelaide Bank Cash Management Account (CMA) - Utilising the linked CMA reduces the administration burden as CMA transactions are linked to your SuperAstute service
- Term deposits - You can access a range of term deposits through SuperAstute without the need for any ongoing paperwork
- No manual 100 point check
- Money moves overnight so you don't lose any interest
- SuperAstute even alerts you 5 days before a term deposit matures
- Online Broking can provide you with detailed research, stock analysis and portfolio tools as well as access to derivatives, warrants and exchange traded funds - all as part of the standard service
- Easy Rebalancing - You can create your own investment model and automatically re-balance it with one click
- Additional services - Limited recourse borrowing, risk insurance, technical and strategy advice.
For advisers and accountants:
- Enables an adviser/accountant to focus on their client's goals rather than being burdened with administrative tasks
- Know at a touch of a button where the account is up to with contributions prior to year end. This can help in maximising contributions within limits and provide effective tax management
- Know where your clients are up to with pension payments and what needs to be drawn by end of financial year to meet minimum requirements
- Transitioning to a pension mid year? Produce a member statement with the click of a button any day, any time.
Accessing your money
- Pension Card - the member can be issued with a debit card so that they can withdraw their pension money
SuperAstute is an administration service provided by Bendigo Wealth, the wealth division of Bendigo and Adelaide Bank ABN 11 068 049 178 AFSL 237879 (the ‘Bank’). Linked products including the Adelaide Cash Management Account issued by the Bank and the Accelerated Protection life insurance policy issued by TAL Life Limited ABN 70 050 109 450 AFSL 237848, are available through SuperAstute. You should consider your situation and read the Administration Services Guide for SuperAstute and the relevant disclosure document for the linked products, available at www.superastute.com.au , before making any investment decision.