Thank you to many of you who have completed the lodgment of SMSF tax returns! If you still have a few funds to lodge, we are here to support you through this period every step of the way. You can reach us on 1300 851 057 or support@class.com.au, soon via the live chat channel.

New and upcoming updates

• As you are aware of the SuperStream changes from 01/07/2021, Class has compiled a Check List to assist you with any changes you may need to consider especially for funds on Class that do not use "smsfdataflow" as their ESA. 
• We have made the updates to support the Indexation changes to the Transfer Balance Account for FY22. For more details, please see here. 
• For Wind up fund, you can now lodge the tax return electronically in Class.

Already completed 2020 lodgment? What's next?

• Reviewing Data Feeds for all funds using the Business Level Feeds Console can be a worthwhile exercise. Setting up Data Feeds is the key to using Class to its full potential. 
• Perhaps set a reminder for residential property valuations and commercial property valuations on 30/06/2021. If you have an issue with RP data valuations, this article may help. 
• A reminder may also be needed for updating the market values for unlisted investments for 30/06/2021. 
• TBAR reporting is coming up for some funds next month. Check out this summary list of Help Centre articles for all things TBAR related. 
• Once the 2020 year is closed (and only when it is closed), it is time to complete pension reviews. A faster way to complete these is at the business level > click on the Members tab > select the "Pension Limits" radio button > sort by "Requiring Action" column > then click on the menu icon on the right > select "Pension Review Details" to complete pension review in the fund. 

Please close the financial year 2020 for funds you have lodged tax returns, and not leaving them as Tax Finalised status. Only by closing the financial year, no one (not even the data feeds) can post any transactions to FY 2020, and creating modified events which need to be removed. 

To view the FAQ newsletters from past months, please click here.