To set up these direct connections, fund trustees must provide a 3rd Party Authority. This authority is provided by trustees by filling out a form detailing the accounts to be authorised. The form is then sent to the institution holding those accounts.
Once the institution has set up the authority, the fund data is then included in SMSF360’s data downloads via Class Super. Downloads are automatically scheduled to run overnight. Most institutions provide this data daily but some are less frequent. In this instance, data will be retrieved as soon as the institution makes it available.
In some cases, SMSF360 may be able to obtain all historical data for the accounts included. Subsequent downloads will only include the latest transactions. This automated process allows fund data, such as bank transactions, stock broking trades, wrap account portfolio, income and cash transactions to be automatically transferred to our SMSF administration software.