SMSF survey reveals trustees are uneasy about offshore accounting
An overwhelming majority of SMSF trustees are uncomfortable with their personal financial records being processed and stored offshore, according to a recent survey.
A survey of SMSF trustees conducted by SMSF administration firm Superfund Wholesale found that 70 per cent of respondents were uncomfortable with their personal financial records being processed and stored offshore, while 93 per cent of respondents had a negative view of accountants and advisers sending work to offshore suppliers.
The survey also indicated that the recent global ‘Petya’ and ‘WannaCry’ ransomware attacks also caused concerns for SMSF trustees about the security of personal financial data.
Almost all survey respondents, or 97 per cent, believe offshoring is not secure.
SuperFund Wholesale director Kris Kitto said among the SMSF trustees surveyed, an overwhelming majority or 95 per cent, said if they were advised their personal financial information was going to be sent offshore, they would reconsider the services offered.
“Overall, 84 per cent of respondents were extremely or very likely to switch accountants or advisers if they started sending their personal financial information offshore, and stated that they would rather keep their personal financial data in Australia than receive a fee discount and go offshore,” said Mr Kitto.
Mr Kitto said there has been a rise in Australian accounting and advice businesses outsourcing parts of their operations to offshore providers.
If you would like us to prepare your SMSF financial reports using In-house Software, we guarantee that we never offshore our work to protect the confidentiality of the information.
Please call John Hurley on 02 9954 3843 or email admin@hurleyco.com.au to discuss your requirements.