Macquarie Bank has introduced online access to 10 years worth of historic cash management account statements to support the growing SMSF market.
Driven by feedback from stakeholders, the historic CMA statements are secured within the bank's online portal for access by advisers, accountants, trustees and fund administrators.
"This is a simple solution that can make a big difference to the time taken to prepare SMSF and tax reporting, evidenced by the fact that one in every four SMSFs uses a Macquarie CMA as its cash hub," said Peter Forrest, head of cash product at Macquarie Adviser Services.
Previously, statements were only available online for the previous two years, meaning the latest addition to the online reporting will enable reductions in costs associated with fund administration and auditing, according to the bank.
"Traditionally it can take days to source the level of detail and history required for SMSF reporting," said Ron Lesh, managing director of BGL, which is working with Macquarie.
"Historical reporting is often considered to be the missing piece of the puzzle for accountants and advisers."
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