Welcome to the August edition of Class FAQs.
How to navigate to Class Help Centre
Some of you have asked us how to get to Class Help Centre after we launched ClassMate (the AI answer bot). This article will guide you through with 3 easy steps.
Tax Statements Collection
Thank you for sending through the Tax Statement for FY2021. Please keep sending them so we can complete the task for 2021 as soon as possible. FY2021 has started and we would like to enlist your help to speed up the tax statement automation process on Class for this year.
After 30/06/2021, the Class team has been actively collecting copies of FY2021 annual tax statements to enter into our database. This database enables the function of generating automated tax statements on Class for the Class community. We would greatly appreciate it if you can provide us with the annual tax statements your funds hold.
To provide an annual tax statement, you can either navigate to Fund > Fund Documents and upload the tax statement, then send us an email with the fund code to email@example.com or email us a scanned copy of the tax statement (redact any sensitive information) to firstname.lastname@example.org.
If you have questions about SMSF (SuperStream) Rollovers and Release Authorities, we have prepared a FAQ to provide answers.
There is also a checklist for you to review.
Setting up Auditor and Auditor Admin on Class
The ATO recently updated requirements for Auditors. If you need to set up new independent Auditors and have them give access to their team without asking your Class Access Controller all the time, here are a few steps to follow:
- Set up and auditor via Business > Maintain User screen and provide the auditor access to the business, brand or specific fund.
- Make the Auditor/Auditing firm default so their details will appear correctly in reports
- Set up the Auditor admin role from Business > Business Contact > Relationship >Related Person >Role tab. The purpose of the Auditor Admin role is to enable the specific auditor to provide her/his colleague access to Class Funds (as Audit Representatives) without asking the Access Controller.
August is a good time to review pensions in your funds, and maybe process the property purchase/disposal that has taken place in the past few months. We would like to shine a light on areas related to pensions and property related transactions.
You will find information related to establishing different types of pensions in this summary article. A good place to view all pensions in the business at a glance is through the Member Console page, Pensions tab.
Pension drawdown and commutation
Did you know you can create a transaction rule for pension drawdowns and you can create a bulk pension commutation event in some cases? Check out this summary article related to Pension drawdowns and commutations.
Property related transactions
The property section of the Class Help Centre is a great place to find important information on how to process property related transactions.
The Property section of the Class Knowledge Base will answer most of the specific questions you have.
To view the FAQ news letter from previous months, please click here.
All the best from the Class Customer Service Team.