Super reforms have helped propel the demand for self-managed super fund software in the last financial year, according to Class Super.
Class' SMSF market share surged to 24% from 19% year-on-year, hitting a record high of 140,000 client accounts in the 12 months to June.
Accounting practices recorded the greatest demand for the cloud-based SMSF software as they transition from legacy desktops to the cloud and real-time reporting, Class chief executive Kevin Bungard said.
Accountants using Class technology experienced an average 12% increase in SMSF client growth; compared with ATO data showing the industry grew by just 3.9%, he said.
Class added 8208 accounts in the last three months alone despite an ATO decision deferring the mid-May lodgment deadline for SMSF annual returns to the end of June.
This has delayed the loading of some portfolios in the system because practices typically wait until the tax lodgment is complete before transitioning to a new software solution, Bungard said.
Class recently added bulk commutation of pension accounts, capital gains tax relief reports and new data filters to help accountants and SMSF administrators manage the super reforms.
The SMSF industry is swamped with work at the moment, but once the reforms are implemented, Bungard said he expects to see businesses focus on growth with the help of regtechs such as Class playing a key role in helping them drive greater efficiencies.