Self-managed super fund (SMSF) service provider Heffron has unveiled an online SMSF establishment form with a range of checking tools to avoid compliance issues.
The form checks for information that is definitely wrong, but also checks for information that might be wrong.
The move comes in a bid to protect financial advisers and accountants from compliance and risk management issues when recommending SMSFs to clients.
"If you're a busy accountant or a financial adviser and you're filling in an online form, it's very easy just to put in a piece of information that's wrong and anyone who knows anything about SMSFs can see it's probably wrong. Yet it doesn't get picked up by the form," head of customer Meg Heffron said.
"What happens with SMSFs is compliance issues only come to light many years down the track by which it's often too late to do anything about it."
The form comes with 50 checking mechanisms. Heffron has a direct integration with the Australian Securities Investments Commission (ASIC) with their database, which alerts them on whether a company mentioned on the form exists or not.
It will also highlight wrong addresses and doubling up of tax file numbers.
While all members of an SMSF have to be trustees, Heffron said there could be exceptions and the form asks extra questions to pinpoint the exceptions.