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SMSF tax time

Discussion in 'Superannuation, SMSF & Personal Insurance' started by sharejunky, 2nd Mar, 2011.

  1. sharejunky

    sharejunky Well-Known Member

    19th Oct, 2007
    Gold Coast
    Just wondering if anyone else with an SMSF has to provide bank statements for ALL months to their accountant at tax time? (Mine insists he needs them for the auditors.)
    My bank wants to charge me $84 ($7 x 12 months) for them, which seems outrageous for a few pieces of paper. Any thoughts?
  2. AlanM52

    AlanM52 New Member

    14th Aug, 2008
    Hi sharejunky,

    We just completed out SMSF tax return and always provide the accountants with banks statements - actually transaction reports.

    We bank with Bendigo (gave the big banks the boot years ago) and at first were asking for bank statements but the accountants were not happy, we have since learnt to ask for transaction reports and everyone is now happy. Lots of paper comes out of the printer – no charge.

  3. Superman

    Superman Well-Known Member

    6th Nov, 2007
    Gold Coast, QLD
    I do not typically need bank statements for any of my clients SMSF accounts - and neither does my auditor.

    This is because we utilise electronic datafeeds of bank statement transactions directly into our software, or via an intermediary solution such as BankLink.

    Same goes for most share trades, managed funds, dividends and distributions. For certain clients we have been able to eliminate the need for them to provide any physical statements and records at all.

    Our auditor may however decide to obtain an bank audit certificate which not only confirms the 30 June balance, but also any other accounts the client may hold with that institution and if they are used as security for any loans etc.

    I understand your frustration with HSBC - I have had the same issues with them. I am not sure if it was the individuals or the systems they have (or don't have) - but it was painful and costly to get old statements.

    Hope you sort it out.