Retirement
Class Super expands market share to 25%
Software provider Class Super says it is now responsible for servicing one-quarter of the SMSF market.
Class Super expands market share to 25%
Software provider Class Super says it is now responsible for servicing one-quarter of the SMSF market.
In an ASX results announcement, Class Super reported that net profit after tax for the 2016/17 financial year was $7.99 million, up 37 per cent from 2015/16.
According to the results, Class had a total of 143,944 billable accounts at 30 June 2017 including 140,690 billable SMSFs.
Class chief executive Kevin Bungard said the super reforms have had a major impact on the Class Super product and required an immediate and significant investment in product development.
“While the reforms are time consuming for the industry in the short term, they have increased the need for Class software and we expect they will make a positive impact in the longer term,” said Mr Bungard.
Estimates by Class in the results indicated there has already been a reduction in the proportion of SMSFs using excel to administer their SMSF, falling from 15 per cent down to 13 per cent.
The results also indicated that Class portfolio accounts grew by 78 per cent over the 2016/17 financial year, with 26 per cent of Class Super subscribers now also using Class Portfolio.
Superannuation
Super reforms to save members thousands but should go further
The “Your Future, Your Super” reforms announced during the federal budget are heading in the right direction, with members potentially benefiting, an industry expert has said. ...Read more
Superannuation
Australia slips in global pension index
The Australian superannuation system has been rated at B, falling to fourth place, new research has revealed. ...Read more
Superannuation
Early super payments slow to under $200m
Less than $200 million was paid out of the super system in the second week of October, as the popularity of the government’s early release scheme looks to be slowing further following the release of...Read more
Superannuation
‘Impressive’ super erases most COVID-19 losses
Australian superannuation has erased most of the COVID-19 downturn following a positive September quarter, new research has shown. ...Read more
Superannuation
1.2m Australians lose in tax offset lag
The Treasury’s latest tax cuts will see more than 1.2 million low-income earners paying a higher rate of tax on their superannuation contributions, with funds arguing changing the tax rate could add...Read more
Superannuation
Could you be stuck in a poor-performing fund?
The government’s superannuation reforms to eliminate multiple superannuation accounts could have unintended consequences, with older Australians locked into financial decisions made by their teenage...Read more
Superannuation
Big super pushes for gender parity
One of Australia’s largest superannuation funds has launched an investor-led initiative that will see women fill at least 40 per cent of the executive roles in the ASX 200 over the next decade. ...Read more
Superannuation
Why it is ‘cruel’ and ‘embarrassing’ not to raise the SG
Australian workers, who are bearing the brunt of the public decision to shut down the economy, could be “cruelly rewarded” for their sacrifice with a less dignified retirement, industry experts ...Read more
Superannuation
Super reforms to save members thousands but should go further
The “Your Future, Your Super” reforms announced during the federal budget are heading in the right direction, with members potentially benefiting, an industry expert has said. ...Read more
Superannuation
Australia slips in global pension index
The Australian superannuation system has been rated at B, falling to fourth place, new research has revealed. ...Read more
Superannuation
Early super payments slow to under $200m
Less than $200 million was paid out of the super system in the second week of October, as the popularity of the government’s early release scheme looks to be slowing further following the release of...Read more
Superannuation
‘Impressive’ super erases most COVID-19 losses
Australian superannuation has erased most of the COVID-19 downturn following a positive September quarter, new research has shown. ...Read more
Superannuation
1.2m Australians lose in tax offset lag
The Treasury’s latest tax cuts will see more than 1.2 million low-income earners paying a higher rate of tax on their superannuation contributions, with funds arguing changing the tax rate could add...Read more
Superannuation
Could you be stuck in a poor-performing fund?
The government’s superannuation reforms to eliminate multiple superannuation accounts could have unintended consequences, with older Australians locked into financial decisions made by their teenage...Read more
Superannuation
Big super pushes for gender parity
One of Australia’s largest superannuation funds has launched an investor-led initiative that will see women fill at least 40 per cent of the executive roles in the ASX 200 over the next decade. ...Read more
Superannuation
Why it is ‘cruel’ and ‘embarrassing’ not to raise the SG
Australian workers, who are bearing the brunt of the public decision to shut down the economy, could be “cruelly rewarded” for their sacrifice with a less dignified retirement, industry experts ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
