Introduction

How It Works

Observation ASIC Statement

• New Observation ASIC statement checks have been added to the existing Observations list. 
  
• This observation compares the trustee company details, trustee name, date of birth, and date of appointment with the ASIC statement and highlights any mismatched information.

• The observation will run only when the fund has the corporate trustee structure and in the case of individual trustees, this observation will be reflected under the Not Applicable section until the ASIC statement is uploaded and processed under the AI tool.

• The observation would remain in the warning section, so that, you can upload the ASIC statement and review it. 

• The observation is prepared automatically which can be viewed by clicking on the View Observations button if all details recorded in accounting software are matched with the ASIC the observation appears in the Good To Go section.

• However, if there is a mismatch you can update the details in your accounting software and recheck these details after Re-importing the updated data in SMSF Sorted.
  

Reviewing Trustee Details

Step 2:- It will initially listed under Unsorted Folder, You can simply move it to permanent or any other folder and then click on the Process AI button.

Step 3:- While the AI is running on your documents, you can see the process from the cloud icon shown below.

Step 4:- Once the AI processing is completed a confirmation message will appear.

Step 5:- You can click on the View option to review the summary of process documents.

This screen shows various important details like document name, type, and upload details.

Clicking on the view icon opens the document and from the document, details summarized by our AI tool can be reviewed.

In case the details don’t match, you will have to Save and Process the document. 

You can click on view to check why and what details don’t match. 

In case of incorrectly extracted details, the user can Edit and Save them from updating in SMSF Sorted. 

Once you click on Save and Match, a pop-up will appear, if the details don’t match.

Wrap Providers

• MLC Wrap 

• BT Panorama 

• Macquarie 

• Asgard 

• Hub24 

• North Wrap 

• Netwealth 

• Credit Suisse 

ATO documents 

• BAS 

• ITA I

• CA 

• PAYG Installment Report 

• ASIC Company Statement 

13 Bank Accounts supported by AI 

• Macquarie 

• NAB 

• ANZ 

• CBA 

• Westpac 

• St George 

• Rabo Direct 

• ING 

• Bank SA 

• BOQ 

• Suncorp 

• AMP North 

• Bank West