As previously reported, BT will continue its administration service for existing clients until they have completed their SMSFs 30 June 2021 financial statements and lodged the corresponding tax return.

“Once lodged, we will facilitate the transition of administration services including all SMSF records to your new nominated service provider,” BT stated in a communication to advisers.

BT confirmed that SMSF professionals and SMSF clients are free to nominate any service provider they choose.

“However, to assist with a smooth transition and continuity of administration services, BT has held discussions with administration service provider, Heffron,” the wealth management firm stated.

“Heffron has agreed to honour all existing fees, including discounts where relevant, for administration, audit and company administration for the 2021-22 FY and 2022-23 FY.”

BT will be contacting SMSF professionals and trustees who use the Panorama SMSF service to discuss their specific transitional arrangements.