On February 19, 2024, Class successfully renewed its certification under the ASAE 3402 framework, as set by the Auditing and Assurance Standards Board, for 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 administrators

For Class clients, this means they can generate tax statements automatically for over 1,700 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.  

This reports, on request, can be supplied to an external auditor. All requests need to be made in writing to support@class.com.au and must provide evidence the external auditor is auditing the Class Fund (i.e. be an invited Auditor to a Business or Fund/s). 

Available Reports