This article contains the most common FAQs for May 2020
To assist with these unprecedented times, the ATO has extended the lodgment deadline to 30th of June.
Class will not have any releases in May. However, we would like to highlight the recent updates implemented in Class and share some useful Help Centre articles regarding the annual return process
Annual return lodgment and other updates
We have listened to your feedback and implemented additional validation rules to stop the following errors when submitting annual returns:
- Auditor's address has not been completed
- Invalid Post Code
- ABN of the principal employer is incorrect
- Member's TFN is incorrect/blank
The messaging will now guide you as to how to fix the validation in these circumstances.
You can now print out the Annual Return for SMSFs that were wound-up during the 2020 year. NOTE: This is on 2019 stationery, and would need to be lodged manually. Stationery and electronic lodgment of the 2020 return is expected to be available from late June.
Bullet point formatting
We have updated the formatting on a number of reports to ensure that bullet points are correctly displayed when printed in PDF format.
Suggested Help Centre links for this time of year
- Simplifying Tax statement processing: Summary of Knowledge Base Articles
- After running period update, check out all articles on Actuarial Certificate, before lodging tax returns
- Making payments to trustees: you may need to commute part of a pension, and process Rollover/Lumpsum out
- Ensure that your clients aren’t going over their Contribution Caps, by using the Member Console
- Learn how to navigate the Help Centre