SMSF Software

It's interesting reading this article and they all love BGL. Accounting v's SMSF Software Well they are big boys and they can afford it.

For those of us who self-manage and do our own bookkeeping, what software do you use? Our guy who does this is about to retire and we might do it ourselves.....

We still need an Auditor and Tax Agent...

 

Use BGL simple fund.

$400 upfront and then $200 thereafter.

 

As ross says you can buy it yourself and it isnt overly expensive

But if using an accountant why would you need it ?

Ill be honest i would never lodge an smsf return for someone who prepared it themselves. Its not worth the risk for such a tiny fee.

 

Thanks. Didn’t know they have this one, always thought they are in the thousands....

 

I'm same. And trusts. I also never assist, advise on or lodge a trust tax return only. Failure to prepare correct financial statements that reflect the net trust assets could end up a legal and tax mess. Good example of this is borne in a recent discussion with Mike and Terry and how we had to review how to account for some very ordinary transactions in a trust. Most accountants have no idea and make a absolute mess of it.

You cant use mainstream accounting software for a SMSF. It fails all the requirements for member reporting to start with let alone issues with tax elements, preservation, contribution strategies, documnt production (eg pension start, refresh and restart, etc). The OP comments about retirement indicates a concern and it may be better to adopt modern procesess that are done well rather than try DIY solutions that seem cheap.

The new requirements for ATO reporting are quite onerous. All handled by the software. However the trustee edition doesnt support these tax reporting functions. My cost for the software is under $100pa per fund. Its complex stuff and far more than just a bookkeeping issue.