The 1st July is a distant memory and the run to Christmas is now only 15 weeks away. If you want your SMSF tax refund as cleared funds and in your SMSF bank account prior to the summer break then give serious consideration to the following timeline:
There are 15 weeks in available time and the ATO quote 4 weeks for processing (this can be shorter or longer but 4 is the published service level). We now have 11 weeks available. Prior to lodging an SMSF return it must be audited and an approximate industry average turnaround is 2 to 3 weeks. This leaves between 8 and 9 weeks. You’ll need around 1 week to review the annual reports so from today there is a maximum of 8 weeks for compilation, delivery, provider processing and subsequent packaging and shipping. If you haven’t yet forwarded information to your SMSF provider then you’re already in danger of missing this timeline.
At Novo Super we’re already shipping returns and are well on the way to completing all 2016 funds before the end of the calendar year.
How is this achieved? Well you can either pretend that massive technology-driven shifts aren’t happening to you, and keep on with the way things have always been done, or you can embrace them, understand your client, and continue to evolve in order to meet changing needs.
At Novo Super our absolute focus is the client experience and we’ve deliberately chosen to partner with innovators who are experts at what they do and this, in turn, allows us to continually focus on refining and improving what we do. This also allows us to generate significant efficiencies in the SMSF calculation, preparation, audit and lodgment processes. The one-stop shop agendas that have been a key driver of scale in the SMSF sector for many years have broadly failed. This is evidenced by most of the Big 4 banks entering and then quietly exiting the space. Why? Well, one-stop shop really means creating the opportunity for the company to sell more products to customers and clients. This is a very different approach to that offered by Novo Super.
If you’re planning the summer break then make sure your housekeeping items are planned and completed as well.
For more information, contact us at Novo Super via the link on our site or follow us on Twitter, Facebook or LinkedIn to keep in touch with the latest SMSF industry updates.