SMSF administration software provider Class Super has released its latest solution equipped to handle SuperStream services, after partnering with financial services technology firm GBST.
Class chief executive Rajarshi Ray said the development was an industry first, as not all service providers had embraced the government initiatives, which were designed to reduce cost and improve service delivery for superannuation members.
“SuperStream and the rest of the Stronger Super reforms implemented by the government are fully supported by Class and our partner, GBST,” Ray said last Wednesday.
“Through our work together, we will deliver against all key dates mandated by the Australian Taxation Office (ATO) – the most important of which are the 31 May 2014 deadline for trustee sign-up and 1 July 2014 for superannuation contributions processing.”
The expected reduction in processing costs would lead to a better superannuation system for members and service providers alike, he said.
“Technology providers and administrators need to stop making excuses, lobbying for exemptions or extensions and instead deliver technology innovation that demonstrates that the superannuation sector is mature, scalable and a technology leader,” he said.
“Class and GBST are delighted to be able to deliver on this promise for SMSFs.”
He said the business had adopted a leadership position and would provide the service free-of-charge for all Class users.
It was important to assist clients to ensure the long-awaited reform met the current ATO deadlines, particularly as some service providers were still struggling with implementation, he said.