This will give you a bird’s eye view of your super fund. Everything from the balance of the fund to an overview of your asset allocation. You will also be able to see the balances of members contributions and pension withdraws throughout the year at a glance.
By having access to this you will be able to get a consolidated view of your fund in an easily digestible manner. Instead of going to multiple sources.
Timely Information – Monthly or Quarterly Reports
With traditional SMSF financial accounts, you receive them after the end of the financial year. This is not very helpful for making investment decisions, as you are basing your decisions on out of date information.
In contrast by having access to timely information you can be certain that the decisions you are making is based on accurate information. Another advantage is as the all matters being transacted are being reviewed as they happen errors can be rectified in a timely manner helping avoid Audit issues.
Make Sure you are Ready
Having timely information if you have a member balance of $1 million or more and in pension phase will be critical as:
From 1 July 2018, if a member of your SMSF has $1 million or more in superannuation and a member of the fund is receiving a pension from superannuation assets, then your SMSF will be required to report more information about its members’ pension than currently needed. This is so the ATO can accurately monitor your transfer balance cap to know if you have exceeded the $1.6 million transfer balance cap limit.
Timely Advice from your SMSF Advisors
Your advisors will also have access to your SMSF Dashboard and reports. It will allow them to advise you on a more timely matter as they have more up to date information.