Under the Jobs section in the adviser portal, all active 'Jobs' we are working on are displayed and a status or state is also attached.
Each SMSF is allocated a Job for the following work Superfund Wholesale will be completing:
- Each financial year (referred to as 'Annual Accounts 20XX')
- Activity Statements - typically quarterly or annual
- The establishment of a new SMSF (also establishment of an LRBA / Bare Trust)
- Ancillary jobs such as SMSF trust deed amendments / upgrades
It is important to understand that multiple jobs are usually running for each SMSF simultaneously - for example the finalisation of the 2016 Annual Accounts (including preparing financial statements / SMSF annual return / organising the SMSF for audit etc.) would normally be occurring at the same time as the rolling periodic updating / processing of the 2017 Annual Accounts.
The Job status for Annual Accounts jobs relates to the work Superfund Wholesale needs to do to finalise the SMSF accounts and get the independent audit completed.
This means a clients SMSF accounts (visible online) could be reconciled and accurate from a reporting / accounting / advice perspective as at 30 June 20XX, but we haven't undertaken the finalisation tasks such as quality control reviews and collation of supporting documentation for the independent auditor.
What each Job Status means (for Annual Accounts jobs):
Job has been planned however not commenced. This is the default status for any new job loaded into our system.
For Annual Accounts jobs, Scheduled relates to the finalisation of the previous financial year accounts, but for the current year Scheduled means that the ongoing periodic processing is underway.
For Annual Accounts jobs, we have requested the information and documentation we need from you (or your client) to commence the finalisation of the accounts for that year.
We will not progress the job until the information we've requested has been provided.
An SMSF accountant is currently working on the job.
Generally there are no outstanding tasks or action items required from you.
Our team has commenced working on the job however based on the information available and/or provided by you (or your client) they have additional questions or require additional information.
Queries Sent relates to information required after a job has commenced, whereas Info Requested relates to items prior to commencement of the job finalisation.
The job has been completed by the SMSF accountant and is now being reviewed by a senior team member / manager before being sent to the auditor.
The job has been reviewed by a senior team member / manager and has been pushed back to the SMSF accountant to push through to our independent auditors.
If any adjustments / changes are required to the accounts, the SMSF accountant will address them at this stage before they are sent to the independent auditors.
The job has been provided to our independent audits.
The typical turnaround time for the audit part of the process is 2 weeks / 10 business days (max) although can be less for simpler SMSFs and during quieter periods.
The Audit job status also has a number of sub-states which are visible to the Superfund Wholesale team, but not visible to advisers:
- Fund Received
- In Audit
- Query with Client (SFW)
- Query with ASF Audits
- Completion with Client
Completion with Client: Once the auditors have completed the audit, they will notify Superfund Wholesale to have the completed accounts, SMSF return and other ancillary documents to be signed by the trustee(s).
The independent audit of the SMSF has been completed and the Superfund Wholesale team is putting together completed accounts, SMSF return and other ancillary documents for the trustee(s) signature.
|Out For Signing||
The independent audit of the SMSF has been completed, and Superfund Wholesale has provided you with the completed accounts, SMSF return and other ancillary documents for the trustee(s) signature.
We will also notify you of any other actions required such as scheduling a tax payment.
|Final Docs Required||
The signed accounts have been returned, but we are awaiting additional documentation requested by the independent auditor before the audit report can be issued and the SMSF return lodged.
The job has been finalised.
The SMSF annual return for the year has been lodged and the audit report and management letter has been issued.
Also the status for jobs that have been cancelled.