Integrated with Class’ market-leading product suite, Class Trust delivers unparalleled efficiencies for trust administration for firms.
Trust Financial Statements
Operating Statement/Profit & Loss
- Section for Distribution to Beneficiaries -
- The Operating Statement for Trusts will include any transfers to the reserves, the total amount available for distribution, amounts distributed to beneficiaries and retained profits at the end of the period.
- Income Tax is hidden when nil -
- As Income Tax is generally not applicable for Trusts, it will not show when nil.
- The Prior Year Operating Statement in the Load Opening Balances has an additional section for the Beneficiary Distribution comparatives.
Statement of Financial Position/Balance Sheet
- "Unpaid Present Entitlements" account has been updated to "Beneficiary Accounts" to provide for more flexibility
- Beneficiary Accounts that are a negative liability will automatically show as an asset.
Notes to the Financial Statements
- New Notes:
- Cash at Bank
- Foreign Cash at Bank
- Sundry Assets
- Other Creditors & Accruals
- Enhanced Notes:
- Property Note
- Beneficiary Account Note
- Reserve Note
- Removed Notes:
- Settlement Sum
- Retained Earnings
- Ability to customise the Footnote specific to suit your needs.
Enhanced Beneficiary Distribution event with new Reserves
Trust Income Definition Reserve
- You can include an adjustment to comply with the definition of trust income, which will adjust the amount available for distribution and allocate the adjustment amount to an income definition reserve.
Capital Losses Reserve
- Where there are net capital losses for a financial year, Class will automatically transfer the capital losses to a Capital Losses Reserve and disregard these from the amount available for distribution. Where there is a capital gain for a financial year and there is a balance in the Capital Losses Reserve, then the losses are automatically transferred out of the reserve to offset the capital gains and the amount available for distribution is adjusted by the amount of losses transferred.
Asset Revaluation Reserve
- We have added an Asset Revaluation Reserve, which will enable you to carry assets at market value and make the most of Class’ comprehensive market price data feeds. Class will calculate and auto-journal any unrealised gains to the newly added reserve, making sure these do not form part of the amount available for distribution.
Automated Distribution of TFN withholding credits to Beneficiaries
- Where there has been TFN withholding for the period, Class will automatically post the distribution of these credits to the beneficiaries when all income has been distributed in the Beneficiary Distribution event. The TFN Withholding credit will show in the Beneficiary Account’s Note in the Notes to Financial Statements as well the new Statement of Distribution report.
Compilation Report & Trustee Declaration Report
- Reconciles the Accounting Net Profit/(Loss) back to the Trust net income for distribution.
- Available to be run in summary or in detail, the Statement of Net Income report 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.
- Provides the breakup of each Beneficiary’s tax components required for the Statement of Distribution section in the trust’s tax return.
Support for Unit Trusts
Class will now recognise that a trust is unitised based on the selected Trust Type and will enable you to record any buy, sell or adjustments of the unit quantity and contributed unit capital for each beneficiary. This will give you a single source of truth on the unit quantity and you can access this data as and when required from the Browse Beneficiaries screen.
The Financial Statements have also been updated for unitised trusts with the automatic inclusion of a note for Contributed Unit Capital and Unit Quantity.
You can now select to include Capital Works Deduction adjustments in the Accounting Book Cost for Trusts, so it is in line with your preference.
The Excel Fund Loader has been updated to include all the newly added reserves and unit trust fields to easily allow the uploading of opening balances for existing trusts that are being transferred to Class.