Class Trust

As part of the February release, we have added new features to Class Trust:

• Income streaming
• Reports updated to reflect the Income Streaming distribution

Income Streaming to Beneficiaries

• New functionality has been added to the beneficiary distribution screen to distribute Capital Gains, Franked Distribution and Other income to beneficiaries. Class will calculate and provide the user with the components available to be streamed to a specific beneficiary, removing the requirement to calculate these amounts on a spreadsheet and making it easy for the user to account for the distribution in accordance with the trustee resolution.

Reports updated to reflect the Income Streaming distribution

The below reports have been enhanced to reflect the Income Streaming in the tax component calculation to all beneficiaries.

• Statement of Distribution report
• Tax Accounting Reconciliation report  - “Reconciliation of Taxable Distribution” section 

Corporate Actions

We've added 20 new corporate actions this month, see here for full details.

Fixes and Enhancements

Feeds

• We have changed the FinEx Investment Holding Movement feed to include Fee as part of the Brokerage calculation.   

 Super

• We have enhanced the Distribution Reconciliation report so it can now be run for funds that have transactions prior to 2005 and without any period updates.
• We have fixed Client View so it applies the correct percentage to calculate the pension minimum for the next financial year. 
• We have fixed the spacing for the Member Statement signing block to provide enough spacing for the signature.  

Trust

• We have changed the Business Level Fund Defaults setting for "Asset Valuation Method (Trusts)” to “Carry Assets at Market value”, so any new Trusts created will default to market value. 
• We have fixed a display issue in the Distribute Retained Earning transaction to allow the beneficiary name that contains a dot symbol "." to be displayed correctly.