One of the most important responsibilities the trustee of an SMSF faces is the legal requirement to keep proper and accurate tax and super records to manage their fund efficiently. You are also required to prepare both monthly and quarterly financial reports. These reports are prepared not just for the members of the SMSF but are also required for audit purposes.
Unfortunately all this report writing can be extremely time consuming and requires at the very least a strong basic knowledge of accounting best practices. Expert knowledge of the many tax and SMSF legal requirements is essential. The average person, regardless of educational background seldom has these levels of knowledge let alone has the time to perform all this record keeping even when they do.
This is where Royale Capital comes in. One of the key services offered to our Private Wealth Members is comprehensive reporting on all SMSF investment, compliance and administrative activities to trustees, as well as the fund’s authorised service providers such as financial planners and accountants.
Each month Royale Capital reviews the compliance and reconciliation of the fund and based on compliance regulations and proper dates of review prepares and issues the required reports on your behalf. Some reports are required to be prepared monthly, others quarterly, while others, such as member contribution statements and non GST taxes are usually issued annually.
As mentioned above, the amount of time that needs to be devoted to reviewing and putting these reports together is considerable.
Royale Capital uses an advanced workflow system to make sure that all reporting is undertaken when required. All reports are prepared by our experienced and professionally trained administrators. When these tasks are completed they are then verified by a senior staff member. All tasks undertaken for the fund are kept in an accurate record with other key fund data for the life of the fund being administered by Royale Capital.
To be more specific, Royale Capital provides its Private Weath members with monthly task summaries, an open issue summary that details all open communication issues regarding fund activities and a monthly fund reconciliation of all financial transactions versus bank statements and provides notification of any breaches of compliance.
Our quarterly reports include an examination of the current investment strategy, the current value of the funds investments against the original cost of those investment, a list of all purchases and sales transactions made during the quarter, an income report, any unrealized gains or losses for each of the fund's investments, and a compliance report.
In terms of annual reports Royale Capital prepares and issues a detailed annual financial statement, an compliance review report that includes tax returns, tax return schedules, investment reports, member contribution statements, member statements, any audit reports and trustee(s) declarations.
When the fund is paying one or more pensions, an annual audit report is provided and if required, an actuarial certificate.
In all cases, reports are prepared to be in accordance with all current SMSF regulations and tax laws.
Most of our members would rather spend time building their wealth rather than the drudgery of putting together financial reports. Royale Capital makes that possible.
To learn more about all the financial services and educational programs offered by Royale Capital and our Private Wealth program, visit our website at http://www.royalecapital.com.au/ or give one of our expert consultants a call at 1300 924 463.