Technology has come a long way in recent years. After Luke sets up his SMSF with his accountant they advise him of the benefits of having his fund as automated as possible. These include (but not limited to):
- No more searching for lost statements
- Future reduction in administration fees
- Timely information regarding bank transactions
- Timely information regarding share trading
Luke completes the relevant authorities for his bank account and share trading account. Within a few days Luke is able to see his current bank balance and shareholding balance including the market values on that day. As a result he is able to see an estimate of his member balance at any one time. Instead of filing away his statements and contract notes, Luke simply keeps them electronically as he will not need to provide them to his accountant when it comes time to prepare the annual financials and tax return.
This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.