Bulk Generate Income and Automatch (Beta)
The bulk income generation and automatch allows you to trigger the income generation at the business level Cash Console. There are instances when income events of some widely held securities and ETFs are not auto-generated, or the generated amounts don't match with the cash payment. You will be able to search for the securities that you would like to create the income events for and have the ability to generate the income and automatically apply the automatch to match off any business events and their corresponding cash item across all the funds in a few clicks. This bulk processing feature will help you improve the processing efficiency and adapt to a more regular processing approach.
We estimate that this feature will save a firm with 100 funds about 300 minutes per month in processing time.
This feature is currently being released as a closed beta to a few clients. We anticipate it will become available to all Class users early next year. If you would like to have early access to try out this new feature in advance and provide feedback or report issues, please contact us via Log Support Request in Class.
Please click Bulk Generate Income here for detailed instructions.
Feeds
- Tax Statements are now supported in the BT Panorama, and Netwealth Data data feeds, including the AMIT components. BT Panorama and Netwealth feeds set up in Class will automatically generate Tax Statements with the finalised components against holdings, and reduce the manual work required to enter in Tax Statements at the end of the year.
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Following the recent transfer of accounts to Bell Potter, the "Macquarie Equity Lever" product feed has been re-branded and reactivated as "Bell Equity Lever". The authorisation process has changed significantly. We recommend that you refer to new feed activation.
All existing Macquarie Equity Lever accounts will be automatically migrated to the new Bell Equity Lever product, and data feeds will recommence in due course following this release. Customers will not be required to take any additional actions to transfer the accounts to the new product.
- A new feed is available for Mason Stevens Global Investment Service. Customers will be able to receive automated data for this product to reduce the work required to enter data for these accounts manually
New features
Reporting on SMSF Dataflow SuperStream Contributions
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The contributions created from SMSF Dataflow can now be generated in the Contribution Cap report. You can choose to include or exclude this information via a new report parameter called Include SMSFDataflow Transaction Details.
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The employer contributions are now separated between Mandated and Voluntary contributions, such as salary sacrifice, to assist you in identifying the amount that can be counted towards the First Home Super Saver (FHSS) scheme. This information is also available for the adviser or the trustees via client view.
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We have added a "source" column to the contribution transactions list which will assist you in identifying whether the contribution is created manually or automatically from the SMSF Dataflow. This update is also reflected in client view.
- Update settings in existing report packs, and/or
- Update reporting defaults for this to flow through to single report
Excel Fund Loader
- You may now specify the Pension Account Identifier in the Excel Fund Loader at the time when you load the fund to Class. You can manually specify the pension account identifier to match with the previous TBAR lodgment with the ATO. This will help the ATO to cross-match the pension account and reduce the risk of TBAR lodgment errors.
Investment Strategy Minute/Resolution
- You can now generate the Investment Strategy Minute/Resolution via the single report viewer or in a report pack. We have improved the accessibility of this report to allow you to easily review the investment strategy for a selected period across all your clients without having to navigate into each fund and generate it on a per asset strategy basis.
Corporate Actions
The following corporate actions have been added into Class to allow users to process for those affected funds either individually or in bulk with just a few clicks:
|
SX Code |
Company |
FY / Date |
Type of Corporate Action |
Description |
|
ALX |
Atlas Arteris |
2018/19 |
Income Generation |
Income generated for Atlas Arteria has been updated from dividend to distribution; a corresponding 2019 Tax Statement template has been created. |
|
SWTZ |
Switzer Dividend Growth Fund |
2018/19 |
Income Generation |
Income generated for Switzer Dividend Growth Fund has been updated from dividend to distribution, a corresponding 2019 Tax Statement template has been created. |
|
SRS |
Spicers Limited |
04/07/2019 |
Takeover |
Kokusai Pulp & Paper Co Ltd acquired all shares in Spicers Limited (SRS) through a scheme of arrangement on 04/07/2019:
|
|
SUN |
Suncorp Group Limited |
24/10/2019 |
Capital Return |
Capital return of 39c for Suncorp Group Limited (SUN) has been inserted with a payment date of 24/10/2019. |
|
GBT |
GBST Holdings Limited |
05/11/2019 |
Takeover |
The takeover of GBST Holdings Limited (GBT) by FNZ for cash consideration of $3.50 per share was implemented on 05/11/2019. |
|
OCP |
Oceania Capital Partners Limited |
11/09/2019 |
Buy back |
Oceania Capital Partners Limited (OCT) completed its off-market share buy back for a price of $2.30 on 11/09/2019 |
|
AHG |
Automotive Holdings Group Limited |
24/09/2019 |
Takeover |
Automotive Holdings Group Limited (AHG) was compulsorily acquired by A.P. Eagers Limited (APE) through an off-market takeover by offering of 1 APE share for every 3.6 AHG shares. |
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CBC |
CBG Capital Limited |
11/09/2019 |
Takeover |
CBG Capital Limited (CBC) was compulsorily acquired by Clime Capital Limited (CAM) through a scheme of arrangement on 11/09/2019:
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QAN |
Qantas Airways Limited |
11/11/2019 |
Buy back |
Qantas Airways Limited (QAN) completed its off-market share buyback on 11/11/2019 for a price of $5.56 per share, which consists of:
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MMS |
McMillan Shakespeare Limited |
14/10/2019 |
Buy back |
McMillan Shakespeare Limited (MMS) completed its off-market share buyback on 14/10/2019 for a price of $13.74, which consists of:
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1AG |
Alterra Limited |
31/12/2018 |
Demerger |
Demerger of Carbon Conscious Investment Ltd (46% of cost base) from Alterra Limited (1AG) was completed on 31/12/2018. |
|
PEA |
Pacific Energy Limited |
02/12/2019 |
Takeover |
QGIF Swan Bidco Pty Ltd has successfully implemented the scheme of arrangement on 02/12/2019 to acquire 100% of Pacific Energy Limited (PEA) shares for $1.07 per share, which consists of:
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Enhancements
Feeds
We're updating the process for any feeds that use account holder authority to activate feeds. Some feeds with authority forms will now have their forms electronically sent to the providers when they ow are uploaded to Class. Users will not need to send the authority form to both Class and the provider, simplifying the activation process by uploading the form only to Class.
The list of products that we have added electronic delivery capabilities in this release are:
- Bridges Financial Services
- Commsec Adviser Services
- Commsec Adviser Services Cash Accounts
- Hume Bank Limited
- Morgans
- NAB (National Australia Bank)
- Ord Minnett
Other
- You can now process Distribution - Tax Statement events with zero net cash distributions. This helps to improve the processing efficiency and accuracy and saves up manual workaround steps that were required previously.
- The Investment Returns - Realised / Unrealised Gains figures on client view now respect the "Include in Performance Reports" holding account setting in Class so the figures will match the Investment Movement and Return report generated from Class.
- We've added the "Group by" report parameter for Investment Summary Report when you create it as part of a report pack.
- Additional financial institutions have been added for Xinja Bank, Standard Chartered Bank Australia, Hay Limited, Australian Settlements so when you record the BSB of the bank account information, and the branch name will be automatically pre-filled.
- We've fixed the issue where the access controller can grant access to another access controller. If you would like to invite the access controller, please contact our support team.
- We've fixed the issue that has caused an error in specific scenarios when requesting the property valuation from CoreLogic RP data.
- The question "Have you applied a CGT exemption or rollover?" now prefills correctly in the Annual Return for SMSFs with no CGT events in FY 2018 or 2019, even if they had applied for transition CGT relief back in 2017
- The member existing fund date information will now be picked up by the Actuarial Certificate.
- The audit request sent from Class enables the consumption of audit completion information and relevant audit reports sent back from the audit provider.
- We've fixed an issue where in some cases, the "Holding Reference" in the Distribution Reconciliation report has duplicate subtotals.
- We've corrected the tax calculation of non-arm"s length income (NALI) within the tax return.
- Single sign-on login should be working as expected in Excel loaders.
Guided Walkthroughs
- We've added a new guided walkthrough Setting up an Adviser for Data Feeds this will assist you when setting up an Adviser for data feeds purposes.
- We've also added a new guided walkthrough to assist users with setting up pension reviews, to guide users with generating minutes for minimum and maximum pension amounts - Set up a Pension Review.