Super way for SMSFs to save money

From

A software application has been launched that enables trustees of self-managed superannuation funds (SMSFs) to manage their own fund and save on expensive accounting fees.

The software, branded DIYSOL, was developed by career accountant and SMSF trustee Jeff Bain. “It makes no sense for people running a super fund to pay an accountant – sometimes well over a $1000 – for basic transaction recording when they can do most of it themselves.” says Bain.

Using DIYSOL, trustees can easily record fund transactions and produce the necessary reports for tax and reporting requirements.

DIYSOL’s input forms are easy to use and cater for all types of transactions. Investments are recorded as investment items and all income, purchases and sales are recorded, while transactions specific to members are recorded and detailed member statements produced.

DIYSOL produces comprehensive investment reports, financial reports, member reports, taxation reports and reports for the auditor.

Although DIYSOL does not generate the tax return to lodge with the Australian Taxation Office, it does provide the tax calculations necessary to complete the return.

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