Welcome to the September edition of Class FAQs.
Director ID
Class Support Team has raised a feature request to create an extra field capturing this Director ID under the personal details of a director of a corporate trustee. If you wish to expedite this feature in Class, please cast your vote on the Idea Portal.
Trust Lodgment is now live in Class
You can now set up your Trust in Class, receive data feeds, process transactions, distribute retained earnings and LODGE the tax return electronically in app. Here is how to complete Tax return for a trust in Class. For more information, check out related Help Centre and Knowledge Base articles.
Activity Statement Console
Need to lodge a BAS/IAS? Activity Statement Consoleis a console that lists Activity Statements for all entities for lodgement with the ATO. It is available at the business and fund level. Here is also a list of BAS/IAS that can be lodged in Class.
- Automatic - by generating them in the Tax Statement Console (for directly held investments only)
- OCR (Optical Character Recognition) - by uploading and extracting the data from a file in the Tax Statement Console
- Wrap/Platform feed - some data feed providers that support tax statements as part of their data feed
- Manually entered - when none of the other options is available.
Pension related topics
September is a good time to review pensions in your funds. 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.
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.
To view the FAQ news letter 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.