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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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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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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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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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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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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Reposted from www.interactiveaccounting.com.au

In November 2010 Interactive Accounting introduced RSDataWeb & superMate. These two excellent tools enable seamless data integration of banking and investment transactions into an online superannuation financial reporting & tax form preparation platform. This allows the first steps to be taken towards best practice in Super Administration in Australia for tax accountants without off-shoring the work.

Off-shoring is a current trend amongst the Accounting Industry in Australia. It is the view of Interactive Accounting that off-shoring does not improve efficiency or benefits for clients. Off-shoring simply uses cheaper labour to reach greater profits whilst maintaining inefficient processes.

RSDataWeb and superMate, in conjunction with direct bank feeds provided by Xero, will allow for the world's first 100% online Superannuation compliance solution. We are announcing the availability of this solution today.

With this announcement Interactive Accounting demonstrates once again that it is at the forefront of the growing transition towards cloud based platforms for the accounting and tax industry, providing great benefits for clients. In this case, especially for those clients with Self Managed Super Funds, this integration will reduce the costs associated with compliance and help our clients retain their hard earned retirement savings.

New packages incorporating online Superannuation compliance will commence from July 1, 2011. If you are interested in taking advantage of these services should stay tuned to our website or contact our team at hello@interactiveaccounting.com.au and we can have your super up and running prior to 1 July, 2011.

How was this possible?

RSDataWeb, the "Switzerland" of data feed products, is brought to you by Reward Super use sophisticated character recognition templates to turn all matter of financial forms into data that can be used in accounting platforms.

superMate, is brought to you by Supercorp who have been delivering SMSF accounting and tax platforms for the last 25 years. Supermate is their first 100% internet based product and allows accounting reports, tax returns and superannuation documentation to be produced from within it's platform.

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The floods affecting Queensland and Northern New South Wales have not just destroyed homes and infrastructure, but business in Brisbane’s CBD and surrounds also came to a virtual standstill over the last two weeks when evacuations and subsequent power cuts were still in place due to the presence of water near electrical outlets.

For many businesses, this amounted to a week or more of lost productivity and revenue, but for Keersten Plep, SMSF Accountant for the Integrated Financial Solutions (IFS) group of companies, it was business as usual thanks to the company’s decision in late 2010 to upgrade to Supercorp Technology’s superMate software.

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Progress Software Corporation, a leading US based international provider of application infrastructure software, recently nominated Supercorp Technology’s superMate software for Progress’ Innovator Awards.  We were one of only four companies from around the world to receive this highly sought after nomination.  The nomination recognises superMate for its innovative architecture, development with the most advanced software technologies and its deployment through an innovative SaaS delivery model.

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Superannuation software specialist Supercorp has established a relationship with Macquarie Adviser Services that will see automated data feeds and interfaces made available to the organisation's specialist self-managed super fund (SMSF) administration application superMate.

The initial automated data feed will see information regarding transactions from individual's Macquarie Cash Management Accounts transferred directly into the superMate system.

Read more here.

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We are pleased to have followed on from the success late last year of our early trials with the recent implementation of several legacy client systems onto superMate, bringing the total funds now on the platform to around 2000 and this number will rapidly increase over the coming months.

This has been an important milestone to reach as we have now demonstrated that the conversion process from legacy systems can be quick and painless.  There was virtually no disruption to existing operations and the superMate benefits of dramtically improved productivity, ease of use and accuracy were quickly achieved.

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While the up-front price of your SMSF software is one significant part of the cost equation, support is often a hidden cost that is not considered in the initial purchase decision, but can have significant implications to your productivity and ongoing costs later on.

Supercorp have been providing both SMSF Software and industry leading support for over 20 years, but we are not resting on our laurels with superMate. While currently in trial, we have already created over 40 getting started videos to help get you up and running quickly as well as exercises you can follow to learn the most common areas of superMate. Additionally we are already publishing fact sheets and comprehensive online help for the system.

Additionally the Supercorp support desk is staffed by experienced staff who all come from a Superannuation background, most with many years of experience in the Industry already.

Before considering any SMSF Software purchase it pays to consider the total picture when it comes to upfront and ongoing costs of running your software.

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Supercorp made available a dedicated test/trial environment over a three week period for people who had attended our recent Sydney superMate launch. Feedback from the trial has been very positive as test users were given an exposure to features of the new system. Typical comments were “very straightforward and easy to use” and “I like it a lot, especially the workflows”. The Supercorp team has learned a lot about how new users with no prior experience can quickly adapt to superMate and their feedback has been of great value and incorporated in our fine-tuning of the solution.

We are now moving into our more open trial phase with a number of early adopter clients trialling the complete system over the coming weeks giving us the opportunity for more feedback and tuning of the solution.

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Much planning, preparation and last minute nerves has paid of with our successful superMate launch in Sydney last week. Attended by existing clients, users of competitor products, industry members and consultants, all that we spoke to agreed that the presentation "hit the mark" in terms of showing the benefits to their business.

Held at the Sheraton on the Park the launch was an opportunity to showcase some of the productivity benefits that superMate will offer both accountants and financial planners. Presentations also included a company overview and a look at the deployment model for superMate and the advantages offered by going hosted.

Attendees were given an opportunity to ask questions and view live demonstrations of superMate over drinks, with most in attendance taking up the opportunity.

We will shortly be making available some of the presentations from the day on our website so that those of you who were unable to attend can see what you missed. To those that came along on the day thank you for attending our special event and also for the encouragement and positive feedback we received.

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