IRESS readies industry for super reforms

Financial technology provider IRESS is assisting administrators and financial advisers to respond to the introduction of the superannuation laws with several updates.

IRESS' superannuation administration platform, Acurity, and its financial advice technology, XPLAN, will now provide a range of updates to clients in response to the complex changes, with new versions being provided under existing support agreements.

IRESS managing director of superannuation, Stephen Mackley, said as one of the primary technology providers to the superannuation industry, IRESS had focused on being one of the first to deliver the changes.

"We recognise legislative change can be a significant challenge for our clients and our focus is always on making these types of changes easier and meeting clients' compliance, business and end-user needs," Mackley said.

"The Fair and Sustainable Super reforms present a new level of complexity and our focus has been providing the updates to superannuation funds, administrators and financial advisers as early as possible. This is to help ensure they have sufficient time to implement and be ready to help super fund members and end-users ahead of 1 July."

The superannuation laws, which were announced in the 2016-17 Budget, introduce new tax concessions, a $1.6 million transfer balance cap, the removal of the tax exemptions for transition to retirement pensions and a new system of 'catch-up' concessional contributions to assist those with broken work patterns.

The reforms will take effect nationally from July 1 2017.

Read more: IRESSBudgetFairStephen MackleySustainable SuperXPLAN
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