IRESS updates software for super reforms

Financial advice software provider IRESS has updated both its technology offerings ahead of the introduction of new superannuation laws.

IRESS updates software for super reforms

elaina

Last Updated: 21 April 2017 Published: 21 April 2017

Financial planning technology Xplan and superannuation platform Acurity have been updated to account for the new Fair & Sustainable Superannuation reforms, which take effect in around two months.

IRESS managing director of superannuation Stephen Mackley said advisers should be in the final stages of preparation for the reforms and the changes made to Xplan and Acurity were introduced with this in mind.

"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," he said.

"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 reforms will introduce a $1.6 million cap on balance transfers, remove transition-to-retirement pension tax exemptions and introduce new tax concessions, IRESS said.

"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," Mr Mackley said.