Tax Time

We've updated Class for 2020 tax time and the following are now supported:

• The 2020 SMSF Annual Return and schedules are now available and can be generated to PDF. This means any funds wound up during this financial year can be lodged electronically after 22 June 2020, once the ATO system is upgraded to accept 2020 tax returns. 
• Exporting the SMSF Annual Return to XERO and MYOB is now supported.
• The 2020/21 FY tax rates and superannuation thresholds have been added to Class. Contribution Caps will roll forward and Pension Reviews will use the updated PAYG tables.
• You can now run the SMSF Auditor Report based on the latest template published by the ATO.

Feeds

Open Markets feeds will now be able to receive Cash Transactions. Users can automate cash transactions by linking a bank account to the Open Markets feed.

Private Portfolio Managers now support additional foreign exchanges, allowing customers to benefit from greater automation of transaction data across their clients' accounts. 

Other

We've now included the TBAR history as part of the Fund Transfer Data report to make the process of transitioning a fund on Class more efficient.

For any take-on funds, we have enhanced the Contribution Cap screen and Client View to allow you to record the members' concessional contributions history in each of the previous relevant financial years so that the unused concessional contributions cap space can be accounted for correctly in the later financial years.

The Notes to the Contribution Summary section to indicate member's eligibility to make catch-up concessional contributions have been enhanced. This change applies to the Contribution Cap screen, Contribution Limit Report, and Client View.

You may now specify the reported Concessional Contributions in the Excel Fund Loader for members of a take-on fund. The information will be used to update the Contribution Cap summary for the member and allow you to keep track and carry forward the unused concessional contribution cap space to the later financial year. 

Corporate Actions

 We've added 22 new corporate actions this month see June 2020 Corporate Actions for full details

Fixes and Enhancements

Feeds

• We have reintroduced Tax Statements to HUB24 feeds in conjunction in response to remediation in data issues we requested from them. Customers will now be able to once again retrieve automated Tax Statements from HUB24 feeds to reduce manual data entry.
• We have improved transaction amount processing for a set of Macquarie Wrap Cash Transactions that were being incorrectly reported as 0 amounts by the feed to produce more accurate data for customers

Other

1. We have now updated the title list in Class to align with the latest version from the ATO. The SMSF Annual Return validations have also been updated to provide better visibility of error for any invalid titles.
2. We have improved the SMSF Annual Return validations to allow underscores to be included in the non-individual trustee's name.
3. The customisable notes have now been updated based on the latest Auditor Report template published by the ATO. You can add the customised notes as needed.
4. We have made a correction to the wording in the Audit Representation Letter.
5. We have improved the Excel Fund Loader to hide the TBAR history information for non-SMSF entities to provide a better user experience.
6. We have increased the maximum bank account characters for SMSF Annual Return for 2019FY and later financial years to align with the ATO requirement.
7. We have enhanced the Period Update algorithm to indicate which and when a member account has gone negative during that period so that users can take corrective actions as early as possible. 

Contribution Caps API - upcoming changes

We are making some changes to the contribution-caps API which might affect your current integration. The changes will improve the performance of the API and provide the ability to record/retrieve prior-year concessional contributions for a take-on-fund. For more information on this change, please click here.