Welcome to the July edition of Class FAQs. This month we would like to draw your attention to a few areas while you are getting ready to begin the journey of a new financial year with Class. 

Multi-Factor Authentication Update

Due to ATO Security Requirements,  Multi-Factor Authentications will become mandatory for all users of Class, Client View, and Mobile App. We will implement this required function for all members, beneficiaries, investors, and trustees, and will advise the implementation date once it becomes available. We will also enable Access Controllers and Fund Administrators to reset MFA for members, beneficiaries and investors.

Tax Statements Collection

We would like to enlist your help to speed up the tax statement automation process in Class for the Financial Year 2022. Since 30/06/2022, the Class team has been actively collecting copies of FY2022 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 support@class.com.au

or  

email us a scanned copy of the tax statement (redact any sensitive information) to support@class.com.au .

We thank you in advance for your assistance.  

Maintain Report packages

With 2021 lodgment behind us, it is a good time to tidy up the data feeds and get ready for another year of processing. 

• Class supports 220+ feeds. To learn more about our feeds, please check out the Data Feeds Overview page.
• This quick reference guide will help you work out who to send the signed data feed authority forms to.
• If there is an issue with one of your data feeds, the Data Feeds Status page will provide you with the latest updates.
• Your data feed has started, but the investment holdings are duplicated, this article will help you resolve the issue. 
• If your working data feeds are showing feeds no longer active status, you can find the reasons in this article.
• When your data feed is active, but there is no data loaded after a certain date, the fund may have a "Fund End date" or a "Do not load data after date" entered. Refer to [/hc/en-au/articles/360001609876]Feeds: Data not flowing through to the Fund after a particular date for the solution to this issue.
• If you have Macquarie or Hub24 feeds that are unbalanced and missing some transactions, you can click on the Request History Button to fill in those gaps. 
• NAB data feed has stopped due to change of BSB number, here is how to reactivate it. 

Managing TBAR events on Class

TBAR lodgement due date is around the corner, have you found yourself comfortable using Class TBAR console and keeping personal transfer balance cap amount up to date?  

• TBAR Console: Generate TBAR files for reportable events and lodge them through Tax Agent Portal.  
• Manual TBAR Event: Record TBAR events that were lodged or created outside of Class or make adjustments to a member’s Transfer Balance Account. 
• Member Console: Review member console to track member’s personal transfer balance cap. 

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

As always, you can contact the Class Customer Services team on 1300 851 057, Chat with us via Live Chat,  or email us at support@class.com.au