April 2018 sees the newest release of SuperMate, version 4.2.3a. Within this release are a number of enhancements including:

Automated data feed from Asgard

A new automated data feed is available from Asgard for their wrap platform. A new master chart account has been added to cater for this new automated data feed. There is also a new cash account available where the option to use an external cash account for a wrap has been selected. Before you add the above platform accounts to your fund/portfolio, you need to understand the two different styles of detailed platform assets that are suitable for this load, i.e. external cash or internal cash. Please refer to the release notes for this information.

Calculation of special value credit for capped defined benefit income streams

SuperMate has updated the calculation for determining the value of existing capped defined benefit income streams for transfer balance account purposes. It is now based on a daily equivalent of the selected amount rather than the annual selected amount. SuperMate is still the only SMSF administration platform that can facilitate bulk lodgement of TBAR data files via the ATO portal and that can calculate the special value of capped defined benefit income stream in the TBAR data file. Other platforms will require external calculation of the special value and manual entry of the calculated value to populate the TBAR.

Transaction Centre enhancements

A new CGT date field has been added to transaction entry screens for purchases and the Effective Date field has been renamed to Tran Date.

SuperMate has now increased the number of decimal places from 2 to 4 for DRP units via certain transaction entry screens in Transaction Centre.

Demerger processing

SuperMate has introduced the concept of demerger relief, as in some cases the ATO may determine that a restructure that is referred to as a ‘demerger’ does not meet the requirements of a ‘demerger for tax purposes’. Demergers are now processed in a similar way to a return of capital, which prevents a tax-exempt revenue transaction from being created.

Workflow enhancements

There have been many enhancements made to workflows including:

• Several new tokens for use in your workflow designs
• Making workflow messages in My Inbox easier to identity – in terms of the fund/workflow the message relates to
• Making it easy to identify which user has completed a particular workflow step and when it was completed
• Automatically move to the next incomplete step after a decision point – without the need to select the complete button
• Providing information on screen whilst completing a process step
• Auto populating screens with relevant information when accessed via workflow without having to select the search button
• Restricting users from updating important data on the Financial Year Information screen whilst giving them access to update specific fields in relation to tax lodgement dates and status

Data Audit Wizards

There have been several enhancements to SuperMate's Data Audit Wizards (DAWs), including a new DAW profile for pension review, checking for outstanding missing information and whether the fund has a trust deed stored in the Document Management System.

Want to know more?

For further information about this latest release of SuperMate, including a full list of all the enhancements and changes, please refer to the detailed release notes that can be accessed from the Help menu in SuperMate. SuperMate’s online help functionality (F1 button) has also been updated to include information about these enhancements.

If you require further assistance, please email our support team at support@supermate.com.au or call the support line on 1300 359 335 (open 9am to 5pm AEST).