Mclowd Practitioner Update April 2020

Welcome to the Mclowd Practitioner Update.

This is already shaping up as the deepest dive on record for the global economy for over 100 years,” said Harvard University economist Kenneth Rogoff.

Everything depends on how long it lasts, but if this goes on for a long time, it’s certainly going to be the mother of all financial crises.

Mother of all financial crises, SMH April 2nd

Introduction

The Mclowd Team were very fortunate to have held our 2020 Kick Off meeting in February, moments before the current global lockdown took hold.

With the benefit of those discussions baked in, we have now ramped up the delivery of new functionality for the June quarter (while continuing to respond to support requests / feedback from active Practitioner users).

The goal of these efforts is very simple:

Give as many Practitioners as possible the opportunity to lower their technology licensing costs for FY21.

Recent Deliverables

We are already seeing the fruits of those efforts, with support for the following now available in production:

  • Downsizer contributions
  • The recent CDD demerger

In addition, the SMSF Annual Return will shortly be available within the Reports tab.

Projects which are scheduled to close by 30 June include:

  • Member internal transfers for pension accounts
  • Xero Tax integration
  • Statement of taxable income
  • The ability to edit (rather than reverse) income and expense transactions

As per previous communications, we are also spending more time addressing usability (which remains a key weakness vis-a-vis incumbent solutions).

As part of these efforts the primary and secondary navigation is being rebuilt. A mock up can be viewed here.

Online Training / Technical Support

Practitioners who are interested in getting online training from our Support Manager Rea Ceynas are welcome to contact her directly to arrange a suitable time.

Active users are reminded to reach out to the balance of the Support Team at any time via Help > Technical Support.

Conclusion

Whether a deep recession or full-blown depression, the harsh reality is that the SMSF value chain on the other side of the COVID-19 crisis will be unrecognisable.

The value of the underlying assets and their ability to generate nominal income will be compromised for many years to come.

The Mclowd Team (and the wider Community) stand ready to assist SMSF professionals in navigating this new landcape.

Regards

Ashley Porter
Managing Director
Mclowd Pty Ltd

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