Welcome to the Mclowd Trustee User 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.
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 (Pro version and above).
Projects which are scheduled to close by 30 June include:
- Member internal transfers for pension accounts
- Statement of taxable income
- The ability to edit (rather than reverse) income and expense transactions
- Xero Tax integration
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.
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 Trustees in navigating this new landcape.
Regards
Ashley Porter
Managing Director
Mclowd Pty Ltd