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Kurt Groeneveld
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Supercorp Australia has launched what it describes as the next generation of its self-managed superannuation fund (SMSF) software — superMate.
The company said the new software was built on the back of its flagship SuperVisor II product and had already been trialled by a half-dozen users. It will become more widely available following its official launch later this month.
Supercorp chief executive Kurt Groeneveld said superMate had been designed to give users a real advantage because it could be acquired without any upfront financial commitment, with software and training available via a monthly subscription.
He said real-time access to current and accurate data remained a key issue in the industry and, with increasing levels of supervision from the Australian Taxation Office, was critical to ensuring a fund’s ongoing compliance.
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.