Welcome to the June edition of Class FAQs. 

Congratulations to all of you who have completed the lodgments 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 (Option 1) or support@class.com.au, soon via the live chat channel.

Director ID: Tips to help your director clients get their ID online

Australian Business Registry Services (ABRS) is providing the following guidance to agents and intermediaries to assist them in supporting their director clients to apply for their director identification number (director ID).

The latest edition of ASIC InFocus contains tips for agents to help their clients get their director ID online (InFocus June 2022 - Volume 31 Issue 4 | ASIC - Australian Securities and Investments Commission).

Already completed 2021 lodgments? 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 on 30/06/2021. If you have an issue with RP data valuations, this article may help. 
• Another reminder can be set for updating the market values for unlisted investments for 30/06/2022. 
• 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 2021 year is closed (and only when it is closed), then 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 2021after 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 2021, and creating modified events which need to be removed. 

Review Activity Statement Console 

Activity Statement Console is a console that lists Activity Statements for all entities for lodgement with the ATO. It is available at the business and fund level.

Key features of the console:

• Refresh from ATO: Class allows the ability to download Activity Statements from the ATO for all funds using the SBR channel. 
• Tracking: The console allows the ability to tracking lodgement statuses for each fund. 
• Export Function: Ability to export the whole list of funds with their statuses and next lodgment due date.

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

Feel free to contact us via Live Chat, via email (Support@class.com.au) or call us on 1300 851 057 (Option1).