BT Transition to Heffron SMSF Administration

Heffron has been supporting SMSF advisers, accountants and trustees for nearly 25 years.

We are one of Australia’s largest independent SMSF administration companies with over 4,000 funds nationwide.  In 2021 we were named SMSF Adviser's SMSF Administrator of the Year for the third year running.

But administration is only part of what we do.  We also have one of the largest teams of SMSF experts across New South Wales, Queensland and South Australia that can give you and your clients the support you need, when you need it. We’re regarded as leading educators on all things superannuation (and particularly SMSFs) – recognised by the SMSF Association as one of only six Accredited Educators.  Many of the services other firms need to outsource (actuarial certificates, tax agent, documents, specialist compliance advice on complex issues) are things we can support in-house.

We’re large enough to cover all the bases you need when it comes to SMSFs but small enough (and still close enough to our founder origins) to give you the personal service you need.  We wouldn’t have it any other way.

Pricing

Heffron and BT have worked closely together to ensure your clients don’t experience any extra fees as a result of the termination of the Panorama service.

BT will refund the base SMSF administration fees already paid for the six months to 31st December 2021 for any client who moves to Heffron. This money will go back into the client’s fund, not to Heffron.  Heffron will only commence fees from 1st January 2022 which means for the 2021/2022 financial year, your clients will only pay 50% of their usual base administration fees.

Heffron has also agreed to honour all existing fees (including discounts where relevant) for administration, audit and company administration until 30 June 2023.

If you have already started working on advice for an SMSF client (or potential client), we will also honour the fund administration, audit and company administration fees you have quoted for the same period.  Contact us to alert us to any clients you have in this position.


The Transition Process

We take care of the entire transition process and ensure it is a seamless experience for advisers and trustees. Our experienced transitions team will work with BT Portfolio Services Ltd ABN 73 095 055 208 AFSL 233715 (BT) to manage the transfer of data and documents ensuring minimal disruption to you and your clients.

Once you’ve approved a transition to Heffron, we will load your fund(s) onto our systems, prepare the documentation to appoint Heffron as administrator and set up business processes such as direct debit forms.

As your fund(s) are onboarded, they will be added to your Heffron Administration Portal login. There you can access fund details and documents and work directly with the team looking after your fund(s).  If you have any queries during the transition period our transitions team or your dedicated Client Relationship Manager will be able to help you.


Hear from Heffron

If you're still making your decision and would like to learn more about Heffron, we have been running information sessions where you can meet some of our people, learn about our services and what the transition to Heffron might look like should you choose to opt-in. We don't currently have any sessions open but if you'd like to register interest for future sessions or a call with someone from our customer team, click the link below. 

Alternatively, this video recording from one of our previous sessions might help answer some of your questions.

What happens now?

You will shortly receive more communication from BT giving you the opportunity to opt-in to Heffron’s administration service or choose another provider. By agreeing to transition to Heffron, you authorise BT and Heffron to work together to ensure your data and documents are transferred securely and efficiently. 

If you’re already in a position to make your decision,  contact us right now so we can commence the transition process for you.  Several clients have done this already and we’ve been delighted to welcome them on board. Call us on 1300 HEFFRON or email clientsupport@heffron.com.au. You’ll talk directly to the team that will be helping you going forward and they are keen to get to know you as soon as possible.  



FAQS

Will my pricing change?

Heffron will honour all existing fees (including discounts where relevant) for administration, audit and company administration until 30 June 2023. From 1 July 2023 we will align the fees more closely with our standard Heffron fees. Fees for documents, actuarial certificates and other services will move to the Heffron standard fees as per our website (www.heffron.com.au/services) immediately.

BT will refund all administration fees paid since 1 July 2021 and Heffron will only start charging from 1 January 2022.  That means your clients will only pay 50% of the usual fees for this year.

If you have already started working on advice for an SMSF client (or potential client), we will also honour the fund administration, audit and company administration fees you have quoted for the same period.  Contact us to alert us to any clients you have in this position.

Who will be completing my fund’s financials for the 2021 financial year?

BT will be completing the financial statements for the 2021 financial year. You do not need to wait until your 2021 financial statements are completed to transfer to Heffron. As soon as you are ready to make a decision, we can start the process. Contact us on 1300 433 376 or clientsupport@heffron.com.au to transfer your funds now.

What do I do if the 2020/21 financials have already been completed?

If BT has already completed your 2020/21 financials you can choose to move to Heffron immediately. Heffron and BT will work together to transition all necessary information on your behalf.

Will all my clients need to upgrade their trust deed?

It is not a requirement to upgrade your client’s SMSF Trust Deed as part of joining the Heffron SMSF Administration Service.  There may be circumstances whereby we recommend a deed upgrade and this will be communicated to you and dealt with on a case-by-case basis.

When do I need to make a decision?

There is no rush. Early in the new year you will be given the opportunity to opt-in to Heffron’s administration service, however, we understand the Christmas break is fast approaching and we want to give you all the time you need to get your questions answered. We are available over the Christmas period, you can contact us on 1300 HEFFRON or clientsupport@heffron.com.au. We will also be running information sessions in the new year to give you the opportunity to meet the team and ask any questions you may have.

Who do I contact at Heffron if I have questions?

While you are making your decision, don’t hesitate to contact our Client Relations and Support team who can assist you with any questions you have or connect you to the right person within Heffron. We are available over the Christmas period for any questions you might have. You can call us on 1300 HEFFRON or clientsupport@heffron.com.au.

Upon transferring your fund(s) to Heffron you will be allocated a dedicated contact who will be your 'go to' for any queries you might have about your fund(s) or Heffron's services in general.

What other services does Heffron offer?

Heffron offers a range of services from SMSF establishment, documents, actuarial certificates, compliance, support tools, education and of course administration. To learn about all our services including pricing, you can visit our website https://www.heffron.com.au/services

Does Heffron have an online portal?

Heffron's online portal Maestro is available to trustees and/or their adviser and includes online lodgement tracking, access to fund information and documents, direct communication with Heffron staff and much more.

Does Heffron facilitate the audit and the company reporting obligations?

Like BT, Heffron arranges the annual audit using third party auditors. We currently use a panel of auditors who specialise in SMSF audits. We also act as the ASIC agent for trustee companies and will facilitate reporting obligations, annual reviews and payment of annual fee.

Who will be the tax agent?

Heffron Taxation Pty Ltd will act as the tax agent for all SMSFs.

How often do you process fund information?

Where data feeds are available we regularly process fund transactions and up-to-date member balances are available at month end. Non-data feeding investments are processed when the information is received from the adviser or the trustee. Queries are sent to advisers or trustees just after month end via our secure client administration portal.

Where is Heffron based?

Heffron has offices in Maitland and Brisbane as well as a presence in Adelaide, Melbourne and Sydney. We service advisers and trustees all around Australia.

How many employees does Heffron have?

Heffron has 70 employees.

How will my client receive the SMSF’s financials and tax return in the future?

We deliver financial statements via our electronic signing platform DocuSign. Heffron began using electronic signatures to remove the long delays that inevitably occur when a large package of documentation is posted and needs to be signed by multiple parties and then returned. Our clients value DocuSign as a fast, secure and COVID safe way of signing documents.

Will I still have access to the Panorama Platform?

You will still have access to the Panorama platform for all your clients’ investment needs.

You will also gain access to Heffron’s administration platform where you will be able to see fund details, download documents, check the status of your year-end lodgement for all your funds and communicate and share files with your accounting team.

Do my clients need to update their Electronic Service Address (ESA)?

Like BT, at Heffron we use Class software in managing our SMSFs. As a result your clients will not need to update their ESA with their employers. The ESA is SMSFDATAFLOW.

How does Heffron support advisers?

Advisers are provided with a primary point of contact who is an SMSF expert and who is supported by a team of SMSF accountants. This contact is responsible for co-ordinating the delivery of the service (e.g. annual accounts), first line response to technical queries and client relationship management. Complex issues are escalated to our dedicated technical team where appropriate. Advisers also have access to a range of technical and SMSF training services such as monthly newsletter, technical training, client newsletters and strategic support. Our current servicing model is to direct all queries and communication via the adviser where one exists unless they specify that they want us to direct certain queries to the trustee/members.

How do Heffron support our trustees?

Heffron offers a range of trustee services to support trustees. Heffron News is our dedicated trustee newsletter, delivered monthly and includes news and blog articles and details on upcoming trustee events. We also run quarterly trustee webinars focussed on topics specifically relevant to trustees.