Welcome to October edition of FAQs!
Managing TBAR
As you're aware, lodging Transfer Balance Account Report (TBAR) events within 28 days of each quarter's end is a mandatory reporting requirement for all SMSFs. With the upcoming TBAR lodgement deadline fast approaching, have you had a chance to familiarise yourself with the Class TBAR Console and ensure your personal transfer balance cap is accurately maintained?
If you're still getting comfortable with the process, the following Help Articles can guide you through TBAR reporting in Class:
- TBAR FAQ: A collections of frequently asked question about TBAR to address common inquiries and provide guidance for your reference..
- TBAR Amendment: Guidance on the processing for amending previously lodged TBAR events that is generated in Class.
- Generate and Lodge TBAR file: Generate TBAR files for reportable events and download the csv file to lodge through Tax Agent Portal, as well as use Mark as Lodged in Class using ATO receipt number for future reference.
- Manual TBAR Event: This tool allow you to record TBAR events that were lodged or created outside of Class or make adjustments to a member’s Transfer Balance account to align with ATO TBAR records.
- TBAR Console: At the fund level, the TBAR console provide monitoring and tracking of Transfer Balance Account of each members. If you are seeking the insight int the TBAR Cap Indexation effective 1 July 2023- Please refer to the article here
- TBAR Declaration: Class provide report of TBAR Declaration with the purpose for trustee to give permission to a registered tax agent to lodge TBAR records on behalf of the fund to the ATO through the tax agent portal electronically.
- For more information on how to Navigate around TBAR console, you can refer to the article here
Tax Lodgment
October lodgement due date is approaching, have you been lodging SMSF and Trust returns via Class? Here are a few advantages to do so.
- Time Savings: Class allows the ability to lodge multiple SMSF tax returns in bulk via a single screen.
- Centralised: Effortlessly track and manage all your SMSF lodgements through our tax lodgement console across your entire business.
- Less Errors: Reduces the chance of any human errors encountered when exporting the tax return manually to other software systems.
- Automated Feature: FY24 New Trust Income Schedule is automatically populated in your form and a new Trust Income Schedule Reconciliation Report is available to help reconcile your the tax statement components and distribution events to your Trust Income Schedule.
- Ability to lodge wind up funds for FY2026 before 15th June of the following year.
- Check out our help center's Trust lodgment section for your next Trust lodgement.
Tax Statement Processing
With automated tax statements now available for most listed securities, it's a good time to begin processing them. However, if not processed correctly in the correct sequence, you may encounter certain errors. Below are some commonly reported issues along with their recommended solutions.
- One of the common error when processing Annual Tax Statement is “Annual Tax Statement cannot be processed as the Net Distribution Amount is not equal to the sum of the Related Cash Distributions". This typically occurs when Tax statement was previously processed with AMIT adjustments and a period update has already been run.
To resolve this, You will first need to roll back the current period update (if applicable)>Navigate to the Tax Statement Console> Click Edit> Click Reset—this should allow you to process the statement successfully. - Unable to save TFN Tax Withheld when processing Tax Statement. This happens when TFN Withheld amounts are present, but was not entered in the Distribution Event. To ensure these amounts flow correctly into the tax statement, ensure to enter the TFN Withheld amount in the Distribution Event first, then record it within the tax statement itself.
- Another issue would be the error message: “All money fields except the Tax Exempted and AMIT Cost Base Net Amounts must be greater than or equal to zero.” This usually appears when negative values are entered in fields that do not permit them. To resolve this, ensure all fields contain non-negative amounts, except for the Tax Exempted section, which can accept both positive and negative values. If your tax statement includes expenses, please refer to the following help article for correct processing guidance.
For more Tax statement FAQs, you can refer to following article.
Webinar and Training
Training:
Class offers a complimentary online course, Class Essentials, covering modules and topics presented in our live training courses. These modules can be attempted in any order, and upon completion, you will receive a certification of achievement.
Webinars:
If you were unable to attend any of these webinars, we encourage you to explore the recorded sessions and download the accompanying presentation slides at your convenience.
All past webinars are easily accessible at www.training.class.com.au under the "Recorded Webinars" tab. Please ensure you are logged in to access the content.
| Date | Title | Link |
| 29 Feb 2024 | Processing Wind Up Fund | Recorded Webinar |
| 29 Oct 2024 | Pension Processing in Class | Recorded Webinar |
| 21 Jan 2025 | Property Processing – Split, Combine, and the Depreciation Worksheet | Recorded Webinar |
| 11 Mar 2025 | Advanced Property Processing – Cost Base, CGT and Depreciation | Recorded Webinar |
| 12 Aug 2025 | Bulk Processing with the Transaction Loader - August 12, 2025 | Recorded Webinar |
| 7 Oct 2025 | Tax Statements | Recorded Webinar |
Please keep a lookout for our in-app shoutout pop-up notifications detailing how to register for our future webinars.
To view the FAQ newsletters from previous months, please click here.
As always, you can contact the Class Customer Service team on 1300 851 057, Chat with us via Live Chat, or email us at support@class.com.au