FOR RELEASE 1ST JULY 2005

For more information contact
 

VILLAGEMALL®
 The Time has come for you to take control

VillageMall Web Superfund provides a complete online Solution
for Australian DIY Superfund Trustees and Members.

 

Brisbane, Australia,- JULY 2005 - VillageMall®, the premier provider of Web-based applications, launched  VillageMall Web Super fund. VillageMall® provides a range of standardised services to small and medium business owners, the launch of Web Superfund extents these Business Solutions to meet the business owner or employees personal solution requirements. Based upon VillageMall's existing, tried and proven Web Ledger service, VillageMall Web Super fund delivers best practice Solutions to the Self and Managed Super Fund (SMSF)  trustee and members for a single yearly fee.

VillageMall Web Super fund is a unique on-line solution designed to simplify the task of managing and administering Australian Self Managed Superannuation funds. Web Super fund provides you with the means to take control of your DIY Super Fund and assist in lowering your overall cost of compliance, while providing a platform to obtain real-time professional advise. Web Superfund is the full featured,  one-stop-solution in a single integrated application to help you run, manage and report on your fund. As an online application service, you can exploit the use of professional service providers (investment advisors, accountants, tax agents, and auditors), as much or as little as you require. As you would expect Web Superfund is able to produce a full set of compliance accounting reports, including your funds tax return.

"Running a DIY Superfund has been a back office or end of year activity for many Trustees or Members. They have typically left the 'details' to their accountant, who is most likely is also their auditor, and simply consider compliance as yet another government process which has to be endured. In our experience it was not unusual to find many funds had only a token Investment strategy, if any at all. As more and more people are getting closer  to retirement, they look at their super in a different light. The first thing they realise is that it is their Superannuation and that they need to take control...

There is a lot of truth behind the saying 'Out of sight , out of mind'. VillageMall® believes that providing full online access to all Superfund members, while providing real-time access to advisors; such as accountants, investment advisors, and auditors is the only way to move control back to fund members.  VillageMall® has successfully pioneered superior ways of developing and deploying Business Solutions, we have applied the same principles to the provision the DIY Superfund Solutions; resulting in Web Superfund Services." commented Charles Moore.

Move your DIY Superfund online today for the new 2005/6 financial year.

Service
  • Peace of mind knowing that your reporting and documentation will comply with the ever-changing statutory requirements
  • A dramatic reduction in operating and processing costs
  • As an online service, no hardware or software upgrades
  • All members/trustees may have secure online access, this is essential to ensure all members know what is happening to their funds, anywhere anytime.
  • Provide secure online access to advisors, accountants or auditors, no more file transfers or having no access at all to your fund information.
  • Single yearly service fee.
  • Pay your own pension online (just like your internet banking), to meet your requirements.
  • Web SuperFund service saves you time and money, while giving you back control of your fund.
  • Includes support for the 2005/6 regulations and changed ATO tax return forms.

Powerful functionality combined with ease of use

  • Based upon full feature Web Ledger, enterprise accounting, including automatic member ledgers
  • Recording of Minutes to document decisions
  • Analysis of Performance and Risk
  • Integrated Investment Manager for shares/Unit Trusts/Funds
    • Powerful Corporate Actions functionality including mergers, de-mergers and dividend reinvestments
  • Integrated Asset Management for properties, including depreciation
  • Calculates CGT on Sale of Assets, using one of three ATO methods, includes online CPI tables for Indexed method.
  • Includes, smart selection of CGT methods based upon latest ATO rules, also use inbuilt  "what-if" to see the effects of ATO methods on the CGT result.
  • Segregate Assets to specific fund members
  • Support for Gov co-contributions
  • Ability to allocate income to members by inbuilt formulae, user entered, or actuary percentage
  • Ability to handle pension funds and funds with members in both accumulation and pension modes
  • Extensive pension capabilities
  • Eligible Termination Payment and Reasonable Benefit Limit forms and calculations
  • Management reports including investment, member and surcharge summaries for all funds

Standard Accounting

  • Uniquely, Web Super Fund is built upon our proven  Web Ledger enterprise accounting engine, with standardised chart-of-accounts; allowing normal Profit and Loss reports to provide member reports, rather than proprietary processes. Additionally this  removes the need for auditors and accountants to learn special Superfund processes.

Compliance

  • Investment Strategy Recording
  • Fund Members' Contribution Statement
  • Full set of financial statements including Balance Sheet, Operating Statement, Cash Flow Statements, Trustees' Statement, and Annual Trustee meeting minutes or resolutions
  • Includes the latest set of superfund changes (over 50 changes since 2204/5 year)

Online Access To Data, Information & Documents

You can use the service, wherever you have access to a computer – at home, in the office, or on the road. VillageMall is registered as meeting the requirements of the Australian Tax Office for “Storage of Paper Records in Electronic Form” this provides you the confidence your electronic records will be accepted as part of any future audit.

 

More information here.

About VillageMall

VillageMall is the pioneer, in secure web-based applications for Small to Medium business (5 to 250 employees). VillageMall is a privately held company, founded in 1999 and is headquartered in Brisbane, Australia.
For more information please contact us, or visit the company Web site at www.villagemall.com.au.