UNIP Australia has launched an online portfolio administration system for self-managed superannuation funds (SMSFs) designed for the needs of accountants, financial planners and trustees alike.
The service has been developed to provide an administration system that includes general ledger functionality to eliminate the use of multiple applications to satisfy all of the necessary reporting functions associated with running an SMSF.
“The way we’ve designed this portfolio system is totally different to other generic portfolio systems in the market. We have all of the functionality of those systems, such as automated corporate action processing, but where we differ, in particular for SMSFs, is to offer a fully integrated accounting capability,” UNIP business development manager Ashok Lad told InvestorDaily.
Current SMSF portfolio administration systems in the market required users to combine several applications if they needed general ledger functionality, Lad said.
This often meant either data transfers or data input into another system, in turn giving rise to the need for additional reconciliations between applications, something users of UNIP’s product could avoid, he said.
“Our system also allows you to have multiple trading accounts. For example, you could have an account with CommSec and a separate account with a private broker and maybe a managed fund, but all of that information would be pulled together into one consolidated capital gains tax report,” he said.
Specific SMSF functionality allows members to monitor their benefits on preservation details and both concessional and non-concessional contributions. Users will also have the option of setting up a combined or segregated pension account to avoid the need for an actuarial certificate when members are looking to leave their accumulation phase to start an income stream.
The UNIP system was launched in December last year with functionality pertaining to Australian Securities Exchange-listed shares and managed funds. The capability to process personal assets and international shares is being developed and the fully integrated general ledger is expected to be up and running in the second quarter of 2012.
