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.