Home / News / Industrial-strength technology passed onto SMSFs

Industrial-strength technology passed onto SMSFs

News

(Pictured: Rob De Dominicis)

SMSFs are starting to get a similar level of sophistication at the back end of the administration systems being offered to them as the very big funds have, with the first live SuperStream messages for electronic choice contributions. Systems provider GBST and SMSF administrator Class Super announced their successful program last week.

The GBST ‘gateway’ was completed by a cohort of super funds, banks and SMSFs, allowing SuperStream-compliant contributions from employers through to the funds, including choice contributions and rollovers specifically directed to SMSFs.

  • Rob De Dominicis, the Australian CEO of GBST Wealth, who is based in London, said the launch of the service was “crucial” to SMSF trustees.

    He said: “This level of automation will contribute positively to Australia’s rapidly growing SMSF sector. Enabling safe and successful delivery of contribution information to the SMSF sector is key to making SuperStream a reality for employers.”

    GBST says that, as a member of the initial GBST gateway group, Class Super is now receiving contributions and processing through to end ledgers on behalf of its clients well ahead of other industry players.

    Kevin Bungard, CEO of Class, said the ability for key players to collaborate and deliver innovative solutions was a great indicator of the technical capabilities within the SMSF sector.

    SuperStream is a part of the previous government’s Stronger Super package, designed to streamline contributions and fund-to-fund rollovers electronically, improving the quality of data in the process. Most of the big super funds, which use large external administrators, are at, or near, compliance status. Various ‘gateway’ services have sprung up to cater for smaller funds. The ATO has a register of them on its website. SuperStream is being phased in, with employees of firms with fewer than 20 employees due to start next July.

    Investor Strategy News




    Print Article

    Related
    The good, the bad and the AI: Financial sheriffs take aim

    Regulators are on red alert as this technology spreads like wildfire, presenting increasing issues, risks and challenges for global financial markets.

    David Chaplin | 28th Mar 2025 | More
    Family offices warn of threat to critical investment decisions

    Despite being a growing reservoir of funds under management, this critically important pool of capital is confronting mounting problems collating and disseminating key data in a timely manner.

    Duncan Hughes | 7th Mar 2025 | More
    APRA’s governance move could trigger wholesale change

    If the regulator’s proposal to limit board tenure to 10 years takes effect, then many non-executive board members will be in the firing line, with industry funds likely to have the most casualties.

    Nicholas Way | 7th Mar 2025 | More
    Popular