We are moving out of the Industrial Age and Information Age to the Participation Age “The Cloud Age” and administration of the Self-Managed Superannuation Fund is no exception.
Superannuation was never a great conversation starter but at some point we need to start that conversation with others to get them genuinely interested in the idea that retirement is not something at the end of your life, but rather it could represent a quarter of your life and you have a choice how to spend it. When it comes to super, the first thing trustees tend to focus on is the amount of work involved, legislative requirements, economic conditions and outgoings (i.e. accounting, audit and other annual fees). To simplify administration of SMSFs for the trustee and their accountants, Class Super introduced the first cloud based solution in 2009.
In the span of 7 years, class managed to acquire significant market share due to its superior functionality, innovation, evolving technology and efficiency.
Planning and management of SMSFs is extremely important and without having up to date information on hands it is nearly impossible to plan future strategies in the current economic environment. Class Super is not only assisting accountants, administrators, financial advisers and auditors but it also assists trustees of the fund to keep track of their fund investment positions, performance, asset allocation, contribution caps, pension limits. It also helps them make informed decisions on how to increase retirement savings as most people bucket lists don’t come cheaply.
Why Class Super stands out from other software providers, to name few:
- Automated daily transaction data feeds from banks, brokers and wrap accounts
- Daily ASX share prices and managed fund unit prices
- Property valuation
- Real time online client portfolio reports via class super fund web
- Client messaging – a simple and secure centralised point of communication between trustees and their accountants. It’s a text messaging program with the filtering capabilities of email.
- Client view - allows trustees and investors to view their up to date investment and SMSF data. It helps clients to quickly view their investment income, performance, valuation, asset allocation and more from their laptop, tablet or mobile phone. This can be a great tool for formalising future strategy for the fund. Also, as from 1 July 2017, the government will lower the annual non concessional contribution cap to $100,000 with a three year bring forward ($300,000) for those under 65 and Class can assist the trustee to keep track of their contribution caps and their $1.6 million eligibility threshold by using client view. (Budget 2016, Superannuation Fact Sheet 04, Superannuation Reforms).
If you would like to know more about class its functionalities and how it can help you manage your SMSF, please talk to us.
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