Class has introduced a bulk pension commutation feature to its Class Super software to help accountants and SMSF administrators manage the introduction of the Transfer Balance Cap.
“Bulk commutation allows Class users to quickly and easily commute pensions to the accumulation phase to assist SMSF members in complying with the new $1.6 million transfer balance cap on super pensions,” said a statement by Class.
Research by Class indicates that thousands of SMSFs will need to commute multiple pensions to comply with the new law.
“Almost 14% of SMSFs on Class have at least one member with a super balance of more than $1.6 million and a large number of SMSF members have multiple pension accounts, each of which counts towards the new cap and potentially needs to be commuted.”
Class CEO Kevin Bungard said the feature would be a “huge time saver” for accountants.
“Class is automating the tedious and time consuming parts of complying with the super reforms and letting accountants focus on the services where they really add value,” he said.
Class Super can already output a list of SMSF members with a pension balance over $1.6 million. With the bulk commutation feature users can choose how much to commute from each pension or nominate a total amount, Class Super will then create the associated documentation.
Class Super already includes features designed to assist with the implementation of the super reforms passed late last year, including a Capital Gains Tax relief report for proportionate funds.
“Class will continue to release new features and functionality to assist our users and their clients to manage the super reforms,” said Class.