Tax Time - SMSF

• FY24 Annual return stationary has been updated including
  • Xero export – includes mapping for Trust Income Schedule
  • MYOB export – doesn’t include mapping for Trust Income Schedule yet
• Tax Agent declaration wording has been updated
• The Electronic Lodgment Declaration PDF report wording has been updated for FY24
• Contribution Caps have been indexed beginning 1 July 2024
• Filters updated in the Members console
  • $3 million Total Super Balance (TSB)
  • Age <75 to help identify clients eligible for contribution strategies
  • TSB filters updated for NCC bring forward thresholds
• More details of all FY24 Tax Time changes for SMSF can be found here

Tax Time - Trust

• FY24 Annual return stationary has been updated including 4 new fields added to the Statement of Distribution
• Tax Agent declaration wording has been updated
• The Electronic Lodgment Declaration PDF report has had wording updated
• More details of all FY24 Tax Time changes for Trust can be found here

Trust Income Schedule

• The ATO has introduced a new schedule to accompany Tax Returns for FY24
• Class supports this new schedule for both the SMSF Annual Return and Trust Tax Return from FY24
• The Trust Income Schedule requires detailed income to be reported for each security that had a distribution during the financial year
• Class will auto-populate the Trust Income Schedule for all securities with distribution income, so that you can continue to efficiently meet your compliance obligations. This will be available from the July release
• If you need to lodge a Tax Return earlier and need to complete a Trust Income Schedule, you can  complete it manually
• Several resources have been created to help you better understand the Trust Income Schedule including:
  • Trust Income Schedule FAQ
  • Trust Income Schedule Fields Mapping
  • How does Class auto-populate the Trust Income Schedule when the distribution events don't equal the distribution Tax Statement?

Bug Fixes & Other Updates

• Increased the max file size of Custom Report that you can upload to 10mb
• Mason Stevens Global Investment Service feed now supports foreign income in foreign currency
• Added new validation in the Excel Fund Loader to ensure a correct selection of the product with associated bank account when a BSB is selected, to prevent errors
• Update to prevent unallocated profit showing for Class Trusts in the Trial balance
• We’ve added 20 corporate actions for June, you can find details here
  
• We’ve updated the LIC deductions user guide page for FY24 here