Introducing our Outsourced Trust Administration Service:
Supernova Trust Services
Until recently, outsourced trust administration has not been available to Australian accountants. But that’s all changing as Supernova launches Supernova Trust – the newest tool in our suite of solutions for accounting firms.
For years, Supernova has been helping accountants better manage SMSFs. As we listened to our clients share the pain points in their businesses, we identified a clear need to develop a comprehensive, administration solution for investment trusts as well.
The already substantial trust market looks set to grow even further as trusts are recognised as an alternative, or co-investment, strategy for SMSFs. But, for many firms, trusts can be an administrative pain point thanks to clunky processes, manual input and a lack of consistency.
Our goal is for Supernova Trust to deliver significant efficiency gains and increased profit margins by simplifying and standardising the fragmented approach accountants currently follow. Up to date data is core to the offer, not only reducing the risk of errors associated with manually preparing financial statements and tax returns but also capturing complete information on income and corporate actions.
A comprehensive, integrated product suite
Supernova provides accountants with a complete picture of a client’s wealth and investment holdings whether they be held in trusts, SMSFs or their personal names. Combined with up to date data, this gives accountants a way to connect, collaborate and support decision-making with clients throughout the year.
Critically, Supernova provides a comprehensive cloud solution so accountants can achieve everything from trust establishment and documentation all the way through to the creation of financial statements and tax reporting.
Supernova Trust manages the complexities surrounding the calculation and compliance of trust distributions. The feature automatically recognises capital losses and unrealised gains, transfers them to the capital loss or asset revaluation reserve, and then adjusts the amount available for distribution.
Supernova Trust also automatically carries forward taxable losses as negative retained earnings, and, in a year when the trust makes a capital gain, it automatically draws on the capital losses reserve to adjust the income for distribution
Below are some of the features of our trust administration service:
Annual Administration & Accounting
- Support for Discretionary Family & Unit Trusts
- Preparation of Financial, Investment and Tax Reports
- Automated Data Feeds
- Automated Investment valuations
- Bulk processing of income & corporate actions
- Tax Statement Automation
- Statement of Taxable Income
- Tax Accounting Reconciliation
- Statement of Distributions
- Trust Distribution Resolution
Trust Establishment Services
- Deed establishment & Amendment
- Corporate Trustee set up
- Bank account set up
- Corporate compliance
Contact us for more information and a fixed price quote