Starting strong out of the gate this year we’ve released the latest version of SuperMate – 4.2.3. Clever new features help separate it from the pack: An industry-first document management system; e-signing capability; additional super reform enhancements and more!
Users of our SMSF software can now scan or email documents and upload them into SuperMate via an industry-first document management system.
You can add documents singularly, or in bulk across multiple funds. Each document can be linked to a specific fund, member and transaction - and the process can be enhanced by machine-learned automatic classification.
Once a document is uploaded and indexed you can choose to make it visible to your clients via ViewSuper – the portal which provides online fund access.
This system houses all your SMSF-related documents including Microsoft Office documents, PDFs and image files. No more separate filing systems and it’s all in the cloud.
SuperMate will be able to produce documents with e-signing capability using Adobe Sign. So that you can identify whether or not a fund/portfolio has agreed to receive documents for signing electronically, a new E-Signing Capability item has been added to the EOY Configuration screen.
The trustee signature block token, used in standard letters, has been updated to include the Adobe electronic signing tags.
In line with legislative changes, from 1 July 2017 a member with a TRIS, who meets a condition of release with a nil cashing restriction, can effectively convert the TRIS to a ‘TRIS in retirement phase’. Also, per the new rules, you will be unable to convert a TRIS or a TRIS in retirement phase to an account based pension.
A new TRIS in Retirement Phase option has been added to the Original Pension Information screen (accessed via the Pension Review screen). This option will be selected when the Convert from TRIS process is run for an effective date of 1 July 2017 or later.
Such a conversion will also result in a system-generated event being created in the Transfer Account Balance tab. This type of event is required to be reported to the ATO via a Transfer Balance Account Report.
Changes have also been made to ensure the two types of TRIS – non-retirement and in-retirement – are easily identifiable on the member statements and pension statements.
We have also created a new Data Audit Wizard (DAW), number 153, to identify members with a TRIS not in retirement phase that are aged 65 or over, or are about to turn 65.
From 1 July 2017, death benefits can be rolled into another fund. However, the new fund must commence a death benefit income stream or pay the amount out of super as a lump sum (or a combination of these). The death benefit cannot be retained in accumulation phase.
Changes have been implemented to ensure SuperMate complies with these requirements, including preventing a death benefit income stream being commuted back to a member’s accumulation account.
SuperMate is now investor reference aware for both listed security trading and corporate actions. For example, when a contract note is received from the broker, it will automatically keep track of the HIN that the trade is done for, and if you have holdings across multiple HINs or SRNs your dividend will be calculated based on the balance that you have against each of those references.
The purpose of this functionality is to allow you to prepare your funds for automated reconciliation of unit holdings. We are working with the leading share registries to provide these reconciliations on a monthly basis, which will provide confirmation of holdings for audit and detailed exceptions reporting to highlight potential problems.
This functionality is completely optional and included in your SuperMate subscription.
There have been several enhancements made to the Transaction Centre, including:
For further information please refer to the detailed release notes which include a short video, and which can be accessed from the Help menu in SuperMate.
As well, SuperMate’s online help functionality (F1 button) has been updated to include information about the enhancements.
If you require further assistance, please email us at firstname.lastname@example.org or phone 1300 359 335 (9am to 5pm AEST).