SuperMate update reflects regulatory changes

SuperMate update

SuperConcepts has release an update for its SuperMate software to reflect changes in regulation that take effect in the new financial year.

Specialist SMSF administration software provider SuperConcepts has released an update for its SuperMate software to incorporate a number of key measures before the arrival of the new financial year.

The changes have been designed to reflect the new work test and downsizer contribution changes set to take effect on 1 July.

Clients using SuperMate have also been provided with a choice of calculation methods regarding exempt current pension income following changes to actuarial certificate requirements.

The update also includes additional annual compliance updates and the 2022 tax return.

SuperConcepts chief technology officer Andy Forbes noted the new updates to SuperMate and SuperMate Classic follow considerable industry changes.

“The team have done an amazing job with the new SuperMate and the industry is responding – we have close to 100 firms using it now, with the fund count in the thousands,” Forbes said.

“Whilst a lot of our focus is on the new SuperMate, we’re still committed to improvements to SuperMate Classic.

“For example, with this compliance release we’re adding foreign asset prices into SuperMate Classic.”

SuperMate Classic clients have been given access to foreign asset prices across 28 stock exchanges, with those prices being converted into Australian dollars using the Reserve Bank of Australia’s exchange rate at the date of conversion.

Forbes noted the 2022 compliance update is the first release of the new SuperMate and represented a significant milestone for the SMSF administration tool.

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