BGL first to market with SMSF SuperStream solution

BGL Corporate Solutions, Australia’s leading supplier of web and desktop administration software for Self Managed Superannuation Funds (SMSFs), has today released our SuperStream registration solution to clients.

“Our team has been working hard with Australia Post to provide an automated registration solution well before the 31 May 2014 deadline” says BGL Managing Director Ron Lesh. “Our clients need to register their funds with Australia Post for SuperStream so they can receive contribution data when it starts to flow in July 2014″.

BGL today released SuperStream software for our Simple Fund 360 clients with a software update for our Simple Fund Desktop clients to follow in the next week or so. “We needed to make the process very simple. Adding funds to SuperStream from a client’s BGL software is now as simple as point and click – no data input is required” added Lesh.

BGL is the first SMSF administration software supplier to release a fully integrated SuperStream registration solution. “There has been lots of misinformation about the need to quickly sign up for SuperStream. Most of these solutions require a heap of manual data input. Until now however, no one has released a SuperStream solution that integrates their SMSF administration software with an automated registration process to make it easy for clients to register all their funds for SuperStream in one go” according to Lesh.

BGL has embarked on an extensive marketing campaign to help our clients meet their obligations under SuperStream. BGL has provided sample letters for our clients to inform trustees of their obligations and sample letters for trustees to advise their employers of the BGL Electronic Service Address. “We have tried to provide an end to end solution for our clients” Lesh said.

BGL will roll out the next stage of SuperStream to clients in June / July 2014. “The next stage is where SuperStream becomes a lot more complicated – the automated matching of SuperStream data with contribution amounts received in the bank” said Lesh.

BGL will provide SuperStream free to Simple Fund 360 clients but BGL Desktop Clients will be asked to pay a small fee of $7.00 per fund to Australia Post. “There is a significant cost to provide SuperStream services. This is what the politicians do not seem to understand. At $80 per fund in our Simple Fund 360, we can cover the cost but not in Simple Fund Desktop where the subscription fee can be as low as $3.00 per fund” Lesh said.

BGL estimates the cost of SuperStream to the SMSF industry to be well in excess of $50m.