IRESS readies industry for Fair and Sustainable Superannuation reforms

Financial technology provider IRESS says that just two months out from the introduction of new superannuation laws, administrators and financial advisers should now be in the final stages of preparation.

The superannuation laws, known as the Fair & Sustainable Superannuation reforms, 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.

IRESS’ superannuation administration platform, Acurity, and its financial advice technology, XPLAN, have now provided 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 main 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.

“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.”