When you have a question from your client and it results in an SOA/ROA, having up to date information is crucial.
For example, 1. Are their SMSF member balances approaching $1,6 million and can they make additional contributions? 2. What’s the best option for withdrawing additional funds from their super account. Is it a lump sum from the pension account, the accumulation account, or maybe a mixture of both?
Knowing the member balances as at the end of the prior financial year will hardly be sufficient. This would be a typical scenario if you are relying on an Accountant to lodge your client's SMSF accounts in a once a year type service.
Have you considered engaging with the trustee directly regarding their ongoing SMSF administration and annual tax lodgements?
Some of the benefits of this arrangement;
1. Current and continuously updated client member balances are available when you need it
2. More client touch points are possible creating a deeper engagement
3. Combine your ongoing client reviews with your custom branded paperwork ready for signing so to lodge their SMSF tax work
We can help you with fixed price, monthly administration which means year round ongoing support.
As a tax agent, we can ensure the SMSF tax return is lodged on time and you can continue engaging with the client on an ongoing basis without interruption.