Class Trust has all the same features of Class Portfolio, with the addition of:
Trust specific Financial Statements
Although you can generate Financial Statements for a Trust in Class Portfolio, these are very basic and not in line with the industry standard.
Our Trust specific Financial Statements include:
- New Profit & Loss that includes how the retained profits were distributed to the Beneficiaries
- Improved Notes to the Financial Statements with superfluous notes removed and instead new detailed notes added for Beneficiary Accounts, Reserves, Cash at Bank, Receivables, Loans, etc.
- Compilation Report
- Trustee Declaration Report
- Unpaid Present Entitlement has been renamed to Beneficiary Accounts to provide more flexibility for drawings and capital contributions
New Tax Reports
- Tax Accounting Reconciliation Report – reconciles the Net Profit/Loss back the Trust’s Net Income
- Statement of Net Income Report – Like the Statement of Taxable Income report, but for Trusts and provides a reconciliation of the figures for the trust tax return and provides a breakdown of the transactions that affect each figure and their relevant trust tax return label.
- Statement of Distribution Report – provides breakup of each beneficiary’s tax components required for the Statement of Distribution section in the trust’s tax return.
Improved Beneficiary Distribution event
- An Automated Capital Losses Reserve. Class will recognise any capital losses and automatically journal these to the Capital Losses Reserve and adjust the amount available for distribution and when there is a capital gain the following year, Class will know what amount it needs to take from the Capital Losses Reserve and again automatically adjust the amount for distribution
- An Automated Asset Valuation Reserve. Where the Trust has selected the option to carry assets at Market Value, Class will automatically journal any unrealised gains to the Asset Revaluation Reserve and adjust the amount available for distribution
- The ability to adjust the income available for distribution with a Trust Income Definition Reserve
- TFN Withholding credits are automatically posted as credits to the Beneficiaries when all income has been distributed