Trust Income Schedule
-
The Trust Income Schedule (TIS) now auto-populates security name and income labels for both SMSFs and Trusts, to help you efficiently meet the new compliance requirements. Details can be found here
-
For SMSFs, the Holding Code (e.g. xxx_1) will appear on the navigation panel on the right-hand side in front of the security name to help you differentiate securities which are held multiple times in an entity.
-
For Trusts, the investor number field has been added to the UI of the Trust Income Schedule.
SMSF Tax Time
-
New validations have been added to the SMSF annual return for the new Trust Income Schedule. In addition, some SMSF annual return validations which previously displayed as warnings now need to be resolved before lodging. This will prevent common errors occurring when lodged with the ATO.
-
The SMSF Audit report has had minor wording updated.
-
The batch size for lodgments of SMSF annual returns has been increased to allow you to lodge more returns at the same time.
Performance
-
The Maintain User screen has been updated to include pagination and a search box. This will speed up loading of this screen. You can search for both name and username, more information is available here.
Bug Fixes & Other Updates
-
An issue preventing the creation of opening parcel for the new foreign bank when using the Excel Fund Loader has been resolved
-
An issue preventing rolling back period update, following new foreign bank release, when the start and end date are on the same day has been resolved
-
Class has added support for 25 corporate actions for July, details are here
-
Class will begin to make Tax Statement templates available for FY24 from this month, you can keep track of which ones are available in the Tax Statement Release schedule which can be found here
Coming Soon
-
The toggle on the top navigation bar which currently allows you to switch between the old and new Class experience will be removed from August and the view will default to new Class experience for everyone. If you have any questions or feedback please contact Class support.