Class Super updated with “significant” TBAR enhancements

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Class Ltd has announced “significant” enchantments to the Transfer Balance Account Reporting (TBAR) functionality in Class Super.

This comes at the same time as the ATO is rolling out its Online Services for Tax Agents – which includes features allowing Tax Agents to view Transfer Balance Cap details and lodge Transfer Balance Cap reports for individual clients.

“In parallel with this, Class has further enhanced its Transfer Balance Account and Total Super Balance tracking to be more aligned with the information presented in the ATO portal. Users can easily view and track this information in Class and record adjustments where necessary to synchronise the information with the ATO,” said Class.

“In addition, Class users can now view Transfer Balance Account and Total Super Balance information through the Class Member Console. Accountants and administrators have the visibility to track and monitor members’ information across their entire business, to support compliance requirements and advisory planning.”

“To reduce inadvertent breaches of the Transfer Balance Cap, Class now provides warnings where the establishment of a pension or TRIS conversion will exceed the member’s Transfer Balance Cap.”

Glenn Day, Acting CEO of Class Ltd, said that the introduction of event-based reporting had increased the workload on accountants and their clients, and was a “key reason” why there was a shift from non-specialist software to cloud-based SMSF solutions.

“We’re committed to supporting our customers to further streamline TBAR processing and reduce compliance risk,” he said.

Automated Tax Statements added to Class Super

Class Super has announced a new feature automating processing of tax statements, in what the company described as a “major breakthrough” that will deliver “huge” efficiencies for accountants and SMSF administrators.

Class said that processing tax statements has been a source of frustration for SMSF professionals, as it is time consuming and skill intensive.

“Manually entering data makes the process prone to errors, and the poor availability and quality of underlying tax statement data often causes delays in lodgments and, as a result, tax refunds for SMSF pensions.”

Class said the feature is “set to deliver dramatic increases in time savings, reliability and timeliness for accountants and administrators”.

The new Tax Statement Automation feature includes a tax statement console that managed automated processing of tax statements, and “aggregated underlying tax statement data for a large percentage of directly held securities”.

“Now, instead of spending hours manually entering data, accountants and administrators can simply go to the tax statement console in Class to view a list of all tax statements that require processing, including status and actions required.”

“They can then either generate tax statements individually for each security, or choose to process them in bulk. The solution drives dramatic time savings, increased reliability, and enables accountants and administrators to get funds finalised more quickly.”

Glenn Day said: “With the introduction of Tax Statement Automation, Class has delivered an innovative solution to a long-standing challenge for accountants and administrators. This is another great example of automating manual and complex processes to support our customers to achieve significant business efficiencies, and deliver better client outcomes.”

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