A surge in billable portfolios has helped boost profits for Class to $3.6 million for the six months to 31 December 2016.
Total revenue for the half year also grew, increasing 31 per cent from the same period in 2015. Class attributed this to a 17,775 increase in billable portfolios up to 130,216 portfolios.
This included 127,806 billable SMSFs on Class Super.
Based on the estimated 589,000 SMSFs in the total market, Class said it has increased its market share from 19.2 per cent p to 21.7 per cent at 31 December 2016.
Class chief executive Kevin Bungard said it was another strong six months for Class.
“We have continued to experience record growth in billable portfolios on Class Super and recorded the strongest period to date for the Class portfolio product,” Mr Bungard said.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 21 Aug 2016Risks flagged with real estate appraisal valuesBy Miranda Brownlee
- 21 Aug 2016Lawyer challenges ATO view on two fund strategiesBy Miranda Brownlee
- 18 Aug 2017ATO locks in details, addresses panic on real-time reportingBy Katarina Taurian
- 18 Aug 2017Data feeds unreliable for new reporting, says mid-tierBy Miranda Brownlee
- 18 Aug 2017Tax component confusion spurs potential tax liabilitiesBy Miranda Brownlee
- 18 Aug 2017Contributions triple in June quarter, survey showsBy Staff Reporter
- view all
- ATO locks in details, addresses panic on real-time reporting
The tax office has addressed several points of confusion with the new events-based reporting regime, locked in key deadlines, and outlined w...read more
- Data feeds unreliable for new reporting, says mid-tier
With an estimated 20 per cent of SMSFs still encountering errors from data feeds, one mid-tier firm believes the ATO should allow SMSF pract...read more
- view all