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UGC saves time & cost on rollovers with wrkr SMSF

United Global Capital (UGC) uses wrkr SMSF for an easy, transparent and compliant rollover process.

United Global Capital (UGC) is an investment and Financial Advisory firm specialising in the provision of personal finance and investment advice to private investors. UGC also manages the compliance and administration of a significant number of Self-Managed Superannuation Funds (SMSF) helping their clients meet reporting and administrative obligations.

When the Australian Tax Office (ATO) announced that from October 1, 2021, it would be mandatory for all SMSF rollovers to occur through SuperStream, the team at UGC worked to meet these regulatory requirements quickly. The team at UGC looked for a platform that met the ATOs new SuperStream standards and found wrkr SMSF.

The UGC team has benefited greatly from wrkr SMSF and now enjoys:

  • A transparent and compliant rollover in and out process.
  • Less manual handling, saving approximately one hour of admin time per rollover.
  • Greater peace of mind as processes are efficient, reliable and meet regulatory requirements.

“The team and I recognised wrkr SMSF is exactly what the industry needed. We are very happy to have a solution in place that helps us meet compliance standards set out by the recent ATO regulations”

Sonia Ambwami, Head of Administration – Financial Services at UGC

Implementing wrkr SMSF

The wrkr team worked closely with the team at UGC to get everything up and running smoothly. Any hiccups were dealt with quickly and the UGC team was provided with all the support needed to get their systems and processes “rollovers ready” by the ATO deadline.

The benefits of wrkr SMSF

Thanks to wrkr SMSF, there is a huge reduction in paperwork. Rollover requests no longer need to be manually mailed to and from superfunds and clients. A typical process involved four to five pages of forms a client needed to sign. Now, everything is handled inside the wrkr SMSF platform which reduces the risk of human error. In some cases, the team saves between 30 minutes to an hour of administration time for every rollover. Features like instant payment reference numbers for rollover out transactions allow them to be processed on the same day, a process that used to take weeks.

In addition, there is now significant transparency for all parties to each rollover. Confirmations are now provided in real-time and the status of each rollover can be tracked from initiation to completion. This is saving significant time as advisors don’t have to guess where a rollover is in its lifecycle. They can easily inform their clients of each rollover status and respond to any potential issues.

“I am really proud that we implemented wrkr SMSF and became compliant with SuperStream requirements before the ATO deadline. We have set up a much faster process and have peace of mind knowing we are following the new regulations.”

Sonia Ambwami, Head of Administration – Financial Services at UGC

Preparing for the future

All UGC’s SMSF clients have been added to the wrkr platform regardless of whether or not they are planning to conduct rollovers in the near future. With contributions about to be added into the wrkr SMSF Hub, UGC will soon have a single place to manage and report on all SMSF compliance matters. This will provide even more efficiency and transparency to UGC which will save more time and reduce more cost.

“wrkr SMSF ensures our rollovers process is fast, compliant and accurate. I highly recommend this platform to anyone looking for a compliant SMSF solution.”

Sonia Ambwami, Head of Administration – Financial Services at UGC