SuperConcepts has released updates to its SMSF software platform, including improvements related to exempt current pension income (ECPI) and cryptocurrency.
The updates, which will apply to SuperMate Classic, aims to reduce processing times and provide a better user experience, according to SuperConcepts chief technology officer Andy Forbes.
Forbes said enhancements related to cryptocurrency include simplified processing and an increase in decimal places after a recent webinar hosted by SuperConcepts found 60 per cent of attendees reported they had SMSF clients invested in cryptocurrency.
He said additional changes have been made to the ECPI functionality, a new letter template for a trustee resolution is now available and improvements have been made to depreciation, including new additions to the depreciation schedule report and linking depreciating assets to properties.
Changes have also been made to the business activity statement screens as calculations, report labelling and preferences have been updated to provide a better user experience.
“We’re heavily focused on redefining SMSF software with our next generation of SuperMate, however, we are continuing to develop and improve both platforms – the new SuperMate and SuperMate Classic,” Forbes said.
This update is the second for 2022 after the platform made changes in June to reflect the changes to the work test and downsizer contribution rules that took effect from 1 July, with the platform undergoing a major overhaul and re-release earlier this year.
In July, SuperConcepts recognised the contribution of two long-serving staff members to the development of SuperMate and promoted them to key roles in relation to the ongoing improvement of the software and the onboarding of clients and the support offered to them.