We continue to improve the Online Checklist to provide you with a better user experience and to ensure that the Annual Compliance requirements are completed as efficiently as possible.
Please find below some of the major new features that have been integrated into the 2021 Annual Checklist:
1. Streamlined the Data Collection process for Cryptocurrency investments
We have streamlined the process of collecting Cryptocurrency Investment statements and data. All statements and data related to Cryptocurrency investments are collected on our new Cryptocurrency page in “Part 1: Data Collection”. All cryptocurrency transactions details, i.e. purchases/sales, swaps, transfers to/from wallets, fork, airdrops and staking, made via Cryptocurrency exchanges and wallets will be collected via the Cryptocurrency page.
2. Streamlined the Data Collection process for Peer to Peer lending investments
A new page for Peer to Peer lending investments has also been added to the Data Collection part of the 2021 Annual Checklist. You will be required to enter details of all cash transfers between the P2P account and other SMSF Bank accounts, and provide the total interest received, withholding tax amounts and any fees paid.
3. Improved electronic data import functions
For bank and broker accounts not established via our office, we cannot receive data automatically and therefore the statements and electronic data are required to be provided by you. The electronic data file needs to be converted to our required format before being imported. We have improved the import function and should the import fail, we have improved the error messages shown to specify the details of the error.
In addition to the above, for certain bank and broker accounts, you can now import the original data file downloaded from their online platform meaning you do not need to convert the file to our required format.
4. Enabled you to switch between digital signing and physical signing
In the 2020 Financial Year Checklist, we introduced the digital signing of documents allowing you to complete and sign documents in the checklist electronically.
In the 2021 Annual Checklist, we allow you to choose between digital and physical signing, depending on your preference. For clients preferring to print, complete and physically sign the documents, you may elect to do so via the 2021 annual checklist.
5. Improvements to the “Contributions/Withdrawals/Insurance” tabs
We have also made some improvements to the above mentioned member accounts pages. If the contribution, withdrawal or insurance premium payment transaction has been incorrectly coded, you can now directly return to the incorrectly coded transaction from the Contribution/Withdrawal/Insurance summary pages to update the transaction details.
6. Other Updates/Improvements
Improved quality of data and accuracy of auto-coded transactions
We continuously improve the quality of data we receive from third parties and endeavour to code as many transactions as possible on your behalf based on the data and information we hold.
Updates to the “Compliance” tab
Questions on the “Compliance” step have been rearranged and redefined to make it clearer on how to answer the question and if applicable will allow you to directly upload the correct documentation for audit purposes.