Blog & News

The ATO has advised that trustees of SMSFs must ensure that the fund’s assets are appropriately recorded as being held on trust for the beneficiaries of the SMSF. Failure to correctly register the title of an asset can result in the following compliance and practical issues:

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If you want to reduce your SMSF processing time then the answer may be found in superMate’s data load facility.

superMate can accept transaction load files from a wide range of bank, broker, wrap and platform providers. In conjunction with these providers we have also introduced a new automated service OmniBroker. OmniBroker allows contract notes from any stock broker in Australia to be loaded into superMate. To complement OmniBroker we will be introducing the OmniCash offering to superMate users, providing access to a wide range of banks from whom data can be drawn from.

We asked one of our superMate subscribers, Helen Scarffe from ABC Financial Planning about her experience with data loads.

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superMate administrators can use superMate View as the platform for trustees and advisers to monitor the state of their SMSF. At the moment superMate View can only be used to display information as there is no facility to update or transfer information between the administrator and the trustees. But that is about to change.

We would love to hear your ideas and here is your chance to influence the product enhancements you would like to be able to provide your clients. In this rapidly developing on-line world where your clients interact with you over the web, via SMS, emails or smart phones, start thinking about what information you would like to be made available. What information do your clients require, what do they need to receive electronically, what information could they supply to you and what methods of contact could you utilise to maximise your efficiency?

Please click here to register your interest in providing input into the next step in the evolution of superMate.

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Many SMSF administration providers in an effort to streamline their business, restrict the options available to trustees; for example banks which may be used or investment choices. But this takes away one of the real benefits of running an SMSF. So how could you modify your processes to make your business more efficient whilst still providing full service flexibility for your clients?

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Claiming General Expenses where fund claims ECPI and there are Assessable Contributions

The ATO is seeing that claims have risen which means that Exempt Pension Income will be now be on the ATO's radar.

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OmniCash Delivers Automated Processing for up to 95% of Bank Transactions

In the next major release of superMate scheduled for late April, a second Omni service will be launched under superMate’s Omni banner, OmniCash with SISS. OmniCash will fully automate the processing of transaction data from 11 of our largest banks which, according to the estimates of major superMate users, cover 95% of funds administered.

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Dedicated team can kick start administrators onto superMate

superMate's Take-On Service

If you’re all set to start processing with superMate but want a quick start to get the wheel turning, then superMate has a service to assist. After receiving some required information from the administrator, the Take-On team can commence putting funds onto your new superMate system. Whether its five funds or 50, this fast accurate service will be charged at a flat fee for a standard fund.

If new to superMate, have limited staff or simply no time, then this service will move funds to the all-important processing stage that much faster. We asked one of our new superMate subscribers, Ray from Ray Hourigan and Associates, about his experience with the service.

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In the next couple of months wouldn’t you like to be proactive with your pensioner clients and ensure that they are paid their minimums and won’t exceed any maximums? What else should you do to make your pension review process as streamlined as possible?

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Corporate Actions processing in superMate is now super smart, super efficient and super accurate as Release 3.4 of superMate introduces the ability for Corporate Actions to run automatically for all eligible funds holding an asset. Any changes that are made to an asset which affects the Corporate Action will be automatically detected and the Corporate Action updated as required. Combine this with the Corporate Actions Feed Service and manual tracking and processing of Corporate Actions can become a thing of the past. Now they can "just happen".

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In this month’s case study, we answer the questions you may be asking when looking for the right SMSF software. We speak to Lesley Bull who explains why superMate was the right move for her, and we look at examples of how superMate has improved her SMSF administration experience. Lesley is based in Bathurst, NSW and used Supercorp’s previous software Superfund before making the move to superMate.

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Do you need to better utilise the information you have about your clients? Would it help to know which clients were in a position for a transition to retirement pension? Now that you have superMate helping you with the workload, you can spend more time adding value to your clients. But first you have to understand their needs by utilising the superMate bulk extracts. We show you how...

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After an extensive evaluation, Super Concepts has selected and begun implementing superMate.

Super Concepts is another in a growing list of accounting firms, financial planners and professional SMSF administrators who have recognised the depth and value of the superMate solution. The firm’s several thousand SMSFs will be transitioned to superMate and the new system will be fully operational by the end of the financial year.

Please see the following news article for more details.

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The coming superMate Feature Release that is due out at the end of April contains a host of enhancements that will make your business even more efficient. Automated corporate actions, streamlined tax processing and more data loads all add up to less time spent doing data entry.

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We would like to announce the following dates for upcoming Group Training that will be held in all capital cities.

Please note that these sessions are dependent on enrolment numbers.

There will be two sessions each day:

Morning Session (9am – 12pm)

superMate Basic Administration

• superMate Overview
• Set up a Pre-existing fund
• Transaction Entry
• End of Year V Earning Rate Calculation
• Reports

Afternoon Session (1pm – 4pm)

superMate Pensions

• Commence a Pension
• Process Contributions for a member with a TRIS
• Combine an accumulation member and a TRIS and recommence another TRIS
• Convert a TRIS to an Account Based Pension
• Process Pension Payments
• Create a Review Record for a new Financial Year
• Commute a Pension

Participants will be able to attend either or both courses. The courses will be delivered in a lecture style with handouts being available for participants to take away. Courses will be limited in number to ensure a satisfactory learning environment is provided but as mentioned above will only proceed should numbers permit.

Cost Information

$325 (incl GST) per person per session or $550 (incl GST) for the same person to attend both sessions.

Would you like to attend?

If you would like to register, please follow the instructions in the following form:

Registration Form

This session will be held at Clifton’s Training Centres to view more information about Cliftons, please feel free to visit their website http://www.cliftons.com

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Ever wanted to know where your clients are based, quickly and visually? superMate in combination with one of the many tools available on the internet, enables you to extract your clients’ addresses and import them into a Google Map.

Step one: Extract the addresses from superMate. Utilise the Extract Tool in the Multi-Fund – Data Analysis menu. Choose the list of funds that you want the addresses for and use the “Fund Data” extract, making sure you choose the Residential address information.

Step two: Change the addresses into the required format. Open the file that has been extracted into your Dashboard – My Jobs and update the file so that the columns of information match those required by the internet tool you have selected. In our example we will use batchgeo.com and the required format is Residential Address Line 1, Suburb, State, Postcode, Name (you can leave this off if not required). Note that you can leave the heading line in your spreadsheet.

Step three: Load the addresses into batchgeo.com. Copy the data in the spreadsheet, go to batchgeo.com and right click on the spreadsheet area and paste. Then press the Map Now button. It will show you each address while it is processing and the progress through your data set. Since it can take a little bit of time to map a large number of addresses, you might want to try a small set initially. When the map is complete, you can zoom in or out on the map, you should see numbers in an area when it is too crowded to show the pin holder for each address. You then can use a screen capture program (or Print screen) and copy the picture when it shows the information you require.

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Slash time spent and inaccurate data entry with superMate’s fully automated connection with the Bendzulla actuarial system

Following the launch of the superMate – Bendzulla Actuarial service in October, hundreds of funds have already taken advantage of this new actuarial certificate service which is available free to all superMate subscribers.

An increasing number of funds have both accumulation and pension members and so require an actuarial certificate to show the pension exempt component of the fund. Why not get superMate to do it for you? Quickly, efficiently and accurately.

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A new method for loading wraps and platform assets is to be made available in superMate next week. This option will enable you to get all the details of assets and tax parcels automatically loaded into superMate without any extra work.

Previously, the Detailed Platform Asset method was the only method to load asset and revenue transaction details. In the 17th December release of superMate, you will have another option. If you choose the new Tax Parcel method, there is no need to create a specific platform account as the system will use the standard security accounts in the chart; tax parcels will be tracked under the relevant investment accounts; and capital gains and market movement details will be recorded automatically within superMate. If the load file contains a security that does not exist in your chart, an asset and revenue account will be added to your master chart.

For more information on this topic, please refer to the release notes that will be available in superMate from the welcome screen on Monday.

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For the Supercorp User Group (SUG) 2011 we decided to move away from our traditional location on the Gold Coast and we hosted the event in Melbourne. The feedback from participants rated this SUG as one of the best since the first one back in 2001.

It was a great success where delegates not only learned a lot about superMate, but also had the opportunity to interact directly with Supercorp Staff as well as with SMSF professional peers from other firms. For the first time ever we had a session dedicated to superMate’s product roadmap, giving attendees an insight into some of the features planned for the product in the next financial year which will enable them to consider and plan for those coming productivity improvements.

The topics and workshops not only included basic sessions to help those new to superMate to come up to speed but also troubleshooting sessions for complex areas such as end of year closes and pensions and others which highlighted how to implement some of the powerful efficiencies of superMate such as dataloads, standard letters and workflows. We even heard of some attendees who were keen to get back to their offices so they could immediately implement those efficiencies.

We’re looking at making SUG bigger and better in 2012 and if you would like to see a specific topic included in next year’s agenda, please let us know at support@supermate.com.au

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When considering using automated loads of data into your superMate system you need to think carefully about whether you will be utilising clearing accounts in the process or not. One of the key decision points is whether you are utilising more than one data source for the same fund. For example, a load of your banking transactions and a load for the contract notes. If you process like this we would recommend using a clearing account since if it is not utilised, you would end up doubling the information through your cash account.

Will clearing accounts double your workload? No, in fact they will simplify it as the clearing reconciliation tools in superMate mean that you are only dealing with the exception transactions.

What is the differences in setup? If you are not utilising clearing accounts then your transaction load rules in your banking load will need to identify the corresponding asset that is being bought or sold (try to make use of the token). This can be difficult in some cases as some broking firms only put a narration that indicates a buy or sell and not the asset. Utilising the clearing accounts can then make the rules simpler and give you a higher hit rate on the automatic coding, as you only need to identify buys or sells and point it to the investment clearing account. The only other difference is that the secondary transaction accounts for the broking load will need to be set to the clearing account.

To simplify the setup, the Supercorp Team has provided a set of over 400 transaction rules for Macquarie Cash for the non-clearing account method and an equivalent set for the clearing account method. Simply decide on the method, or discuss this with the Support Team, and then we can load them into your database immediately.

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After several months of collaboration, superMate OmniBroker with Reward Super is now ready for use.

From today, superMate subscribers can start gaining the benefits of all share trades being automatically loaded into their SMSF administration system – without effort, without errors.

superMate’s OmniBroker is unique as the only SMSF software able to handle trades from any Australian broker. And don’t waste money on over servicing clients - use it just for those SMSFs who will benefit from the service.

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