Welcome to the April edition of Class FAQs.
SMSF Annual Return lodgment for 2016 or prior years
The process of lodging a 2016 or prior SMSF Annual Return in Class. The process has been changed by the ATO in its recent ELSTagFormat 0002.2021 Business Implementation Guide.
Please visit this article on how to lodge 2016 and prior year SMSF Annual Returns in Class.
Free Class Workpaper (Powered by CloudOffis)
Our new workpaper feature allows users to reference source documents to specific line items in the Trial Balance live report and create a fully referenced workpaper pack, which can be handed over to the auditor. And it is FREE.
For a detailed explanation, please visit this link.
Bulk Suspending Zero Holding Accounts
After the release of the Bulk Suspending Zero Balances function in mid-April, a few clients asked our support team why the Zero Balance Holding Accounts are now showing instead of hiding.
The reason that we have made a change to show all investments (including zero balances) is so that you can easily see all the Pending Investments (which weren't easily visible previously) as well as investments that have a zero balance that can be suspended.
Before, when investments had a zero balance and still active, they were still being loaded in the backend in your Browse Holding Account screen. Over time, as entities have more and more investments this can cause Class to be a little slower on that screen.
Using the new Bulk suspend feature will shorten the load times of the page, as suspended investments are not run in the back end, and a broker or wrap feed will automatically reactivate a suspended investment.
You will also be able to tick the hide zero balances in the investment holding screen when working in the Browse Holding account to temporarily hide them.
Year-End Processing on Class
We understand this month and next month are the busy period for SMSF processing and lodgments. We would like to draw your attention to some of the processing tips in our help center in this edition:
- How to complete End of Year processing on Class.
- Common Corporate Action processing questions and tips
- Insights and knowledge on how to process property related transactions
- Simplifying Tax statement processing: Summary of Knowledge Base Articles
- After running the period update, check out all articles on Actuarial Certificate
- Check out the Common Annual Return lodgment questions before the lodging tax return
- Making payments to trustees: you may need to commute part of a pension, and process Rollover/Lumpsum out
- Ensure that your clients aren’t going over their Contribution Caps, by using the Member Console
To view the FAQ newsletters from previous months, please click here.