Self-managed super fund (SMSF) administration platform Class Super has become the first 'SuperStream-ready' SMSF solution, according to its owner Super IP and financial services technology provider GBST.
As a consequence, Class Super CEO Rajarshi Ray said that SuperStream and the rest of the Stronger Super reforms implemented by the Government were now fully supported by Class and GBST.
"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 date for super contributions processing," he said.
"Regrettably, not all service providers have embraced these changes.
"We encourage them to do so – the expected reduction in processing costs builds a better super system for members and service providers alike."
Ray said that technology providers and administrators needed to stop making excuses and lobbying for exemptions or extensions, and instead focus on delivering technology innovation that could demonstrate the super industry's capacity as a mature, scalable technology leader.
"Class and GBST are delighted to be able to deliver on this promise for SMSFs," he said.
"In fact, this is such a significant development in the super industry that Class will be providing this service for free to all Class users.
"It really is that important, and for those service providers who are still struggling with the implementation, we will assist them to ensure that this long-awaited reform meets the current ATO deadlines."
Originally published by SMSF Essentials.
