Class Financial Systems (Class) has partnered with others in the industry to process the first wave of contributions to be transmitted over the SuperStream network. This industry achievement included the complete processing of contributions for an SMSF member all the way from their employer via payroll provider, superannuation clearing house and SuperStream gateways, direct into the Class Super SMSF General Ledger.
The implementation of SuperStream for SMSFs was always considered to be a challenge given the fragmented nature of the industry. However the adoption of technology by the SMSF sector, particularly cloud software, has meant that network and legacy system issues have not hindered the implementation of the standard.
Class’ SMSF DataFlow is part of the first SuperStream ‘cohort’ – a small induction group who are the first to commence receipt and processing of contributions from employers through to funds from 4 August, using the new data standard.
Class CEO Kevin Bungard said “We’re excited to be part of the first SuperStream cohort to start receiving and processing contributions. Not only are we one of the first providers but we have completed the process through a truly integrated solution which automates the data entry and reporting for both the SMSF and accountant.”
Philip Hind, National Program Manager, Data Standards and E-Commerce Project, ATO, added: “The experience of this first group highlights the benefits which SuperStream will bring with an end-to-end flow of data and payments from employers to super funds.
“This is a real credit to those participants who are leading industry with this change.”
The SuperStream standard is part of the Government’s Super Reform package and provides a streamlined method of sending superannuation payments and associated information electronically. The new standard will improve timeliness of processing and enable better tracking of employer contributions.
Class has developed two SuperStream offerings – a Class Super integrated solution and a free, open and portable public solution called SMSF DataFlow.
Leave a Comment
You must be logged in to post a comment.