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Class Super launches contributions monitoring system
Software developer Class Super has launched a contributions cap monitoring system designed to ensure SMSF trustees stay within their caps.
Class Super chief executive Rajarshi Ray said other software providers rely on manual data entry, which means that SMSF administrators are only aware of cap breaches after the fact.
"Australia's SMSF holders must be confident that they aren't exposing their critical retirement funds to risk from poor administration practices and processes," said Ray.
Class Super's software uses cloud computing to enable "accounts data from almost 200 institutions to be automatically uploaded in real-time", said Ray.
The technology allows accountants, administrators and financial advisers to share information and "track payments to multiple funds against contribution cap limits", he added.
"Australia's $420 billion SMSF sector must move beyond retrospective fund management practices to ensure fund holders aren't exposed to unnecessary risks and additional taxation," said Ray.
The monitoring system also takes into account the Bring Forward rule, which is "an important strategy for many SMSF trustees", added Ray.
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