This functionality provides highly reliable, encrypted data over a point-to-point connection – which means they can’t be intercepted, meddled with, lost or diverted. Daily data feeds are an essential part of delivering our SMSF Services and required for the fund to efficiently meet the real-time reporting requirements (TBAR). Quite simply, they’re the lifeblood of efficient SMSF processing.
Benefits of data feeds
- Your accounts will be prepared and your return will be lodged significantly faster because we will not have to undertake any time-consuming manual data entry.
- It enables us to keep your accounts up to date month by month, to better enable your contribution caps to be monitored to ensure you do not breach the limits and become liable for excess contributions tax. It also enables your pension drawings to be monitored to ensure the minimum pension is drawn and your fund retains the tax-exempt status that comes with it.
- It saves you time. Once your SMSF has been on our system for a year or so, and all data feeds are active, the amount of documentation we require and information we need to complete your accounts is significantly reduced – saving you time chasing statements for us.
- Because of the time savings we can achieve via taking advantage of the data feeds available and the automation our system provides, it frees our time so we can focus more on strategies and advice that help you get the most from your SMSF.
- It improves accuracy. When we take over an SMSF from another accountant we are amazed how often the investments recorded in the accounts are inaccurate – especially when it comes to shares as dividend reinvestments, rights issues and corporate actions are often missed.
- It keeps your fees under control. Heffron has lower costs products that cater for funds with automated data feeds.