Welcome to the February edition of Class FAQs.
Annual Return Lodgments
As we enter the peak tax lodgment period, this month we share with you a series of articles to assist with the key annual processes and troubleshooting associated queries, as follows:
- Period Update – details how to run a period update, with additional links to articles that will help you resolve warning messages.
- Actuarial Certificates – includes background on ECPI changes; how to request an Actuarial Certificate and troubleshooting.
- Lodgments – find out the key reason a lodged tax return may not be showing on the ATO Portal; how to resolve issues with multiple tax return submissions; missing member information in Section F.
ASAE 3402 Type II Assurance Report on Tax Statement Automation
On 22 February 2022, Class has been certified for an auditor assurance standard under the Auditing and Assurance Standards Board’s ASAE 3402 framework on its tax statement automation services.
Class' tax statement automation service sources distribution tax components from fund managers, ASX announcement data, share/unit registry providers and annual tax statements issued to investors by registries. Class verifies the sourced data by reconciling at least two independent sources of information, and the verified tax statement information is then used to create tax templates which are made available to clients.
This report provides assurance to auditors that effective controls are in place to ensure components for distributions have been captured accurately in the financial reports and tax returns by utilising the Class tax statement automation service.
For Class clients, this means they can generate tax statements automatically for nearly 1,600 securities without the need to gather a range of tax statements to be sent to auditors and manually key in those complex data entries.
For SMSF Approved Auditors
Auditors can use this report to reduce their substantive testing around distribution tax components when the financial report under the audit has been prepared with Class, where the preparers have used the automated tax statement service. This will significantly reduce the time required for the audit work.
Click here to follow the process for requesting this report.
Click here to see the list of securities covered by this ASAE 3402 type II assurance report.
To view the FAQ newsletters from past months, please click here.
If you have any questions regarding the articles above, please feel free to contact Support on 1300 851 057 or email email@example.com