Super IP-owned Class Super has unveiled its SuperStream-ready self-managed super fund (SMSF) software.
Teaming up with technology provider GBST, the software will deliver against all key dates mandated by the Australian Taxation Office, including the 31 May 2014 start date for Trustees signup and the 1 July 2014 date for super contributions procession.
That’s according to Class Super chief executive Rajarshi Ray who added that the expected reduction in processing costs would build a better super system for members and service providers.
He encouraged other providers to stop lobbying for exemptions or extensions and embrace the Stronger Super reforms ahead of deadline.
The updated service will be provided free to all Class Super users.
“It really is that important - and for those service providers who are still struggling with the implementation - we will assist them to ensure that this long awaited reform meets the current ATO deadlines,” Ray said.
Super IP recently announced that it was expecting to move to an initital public offering in 2015 ahead of a strong net profit after tax.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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