The number of SMSF portfolios and subscribers to Class has hit new record highs, according to its latest shareholder update.
The Class Shareholder Update for the quarter ending 31 December 2016 revealed that billable portfolios had increased by 5,745, a record for the December quarter, and this contributed to the half yearly increase of 17,775 portfolios.
The total number of billable portfolios now sits at 130,216.
Class also added 45 new subscribers, contributing to their base of 1,050 subscribers and marking a spike in interest in the SMSF space.
Super legislation changes drove renewed interest in system automation with an increased number of portfolios coming from manual SMSF accountants using Excel and generic general ledgers.
The update also showed Class’ SMSF market share rise to 21.7 per cent of the estimated 589,000 SMSFs. The number of billable SMSFs on Class Super jumped from 5,312 to 127,806.
Thirty-six per cent of SMSFs added during the quarter were new businesses won by accountants who had used Class for more than 12 months.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 17 Aug 2017Industry questions ATO’s capacity for new reportingBy Miranda Brownlee
- 17 Aug 2017Qld succession law changes tipped to impact SMSFsBy Miranda Brownlee
- 16 Aug 2017Contribution limits restricting future balances, warns mid-tierBy Staff Reporter
- 16 Aug 2017SMSF firms underprepared for events-based reportingBy Miranda Brownlee
- 15 Aug 2017SMSF auditor disqualified for misconductBy Staff Reporter
- 15 Aug 2017Class gains market share in financial year resultsBy Staff Reporter
- view all
- Industry questions ATO’s capacity for new reporting
With events-based reporting set to generate huge amounts of data, concerns have been raised about whether the ATO’s systems will be able t...read more
- Contribution limits restricting future balances, warns mid-tier
Clients hoping to accumulate a superannuation balance of $1.6 million by age 65 will need to start taking full advantage of concessional con...read more
- SMSF firms underprepared for events-based reporting
A straw poll has revealed that the majority of SMSF firms currently feel their firm is not equipped to deal with the proposed events-based r...read more
- view all