Welcome to the November edition of FAQs! 

Managing Member Pension and Contribution 

• Member Contribution

  There are scenarios where some members of a fund may have multiple super funds. In such cases, it's crucial to accurately track all contributions made to these funds in order to comply with contribution caps and ensure the total superannuation balance is correct. It is recommended to track contributions made to these other funds using Contribution Caps to ensure that the member's contribution caps and total superannuation balance are accurately reflected in Class.

• Minimum Pension

  As we know, meeting the minimum pension payment requirements for pension accounts is essential. To assist with this, you can refer to the Pension Review screen, which provides a comprehensive overview of all pension reviews for a fund, including each member's current pension status. This helps you identify which pension accounts or members have met the minimum requirements and which still need to do so.

  Please note that a pension review can only be created once the prior year's fund processing has been finalised. If you create a pension review before completing the prior year 30th of June Period Update, you may encounter incorrect opening balances for pensions in the pension review screen, leading to inaccurate calculations of the minimum pension amount.

Reviewing errors when requesting Actuarial Certificate 

A fund may be required to request an Actuarial Certificate during year-end processing. Please ensure that you have selected an Actuarial provider that supports integration with Class in the Business Settings.

Listed below are some common errors you may encounter when requesting Actuarial Certificate. 

• Bad request: When the fund has missing details like Date of birth for one or more members or non-members of the fund, ACN of corporate trustees, Date of Death, or Leave Fund date, you may encounter Bad request or Internal 500 Error message. To resolve these errors, please follow the guidelines in this article and retry requesting.
  
• Problem transmitting request: This is another common issue that is caused due to missing contact details for business. This error can be fixed by Navigating to Business from business level>Business details> Contact details>Add. 
• Failed To Transmit: You may experience issues if the fund contains a large number of pension accounts or numerous transaction events, such as member contributions, commutation, withdrawals, or pension establishment. These conditions can cause the transmission to fail due to a timeout error. If this occurs, please submit an actuarial request directly to the provider and manually update the percentage in the Fund policy

Processing Property Transactions

Class provides well-designed and user-friendly features for property transactions, including buying, selling, valuation, LRBA management, and depreciation worksheets. Here are some Help Articles that can assist you with the Property processing in Class.

• Automated Valuation Estimates for Property
• Adding Assets to a Depreciation Worksheet
• Limited Recourse Borrowing Arrangements (LRBA) Set-Up
• How to process a property purchase across Financial Years
• How do I treat a property disposal across multiple financial years
• Depreciation Sale / Disposal

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