Welcome to the October edition of FAQs.
Advantages of lodging using Class
October lodgement due date is approaching, have you been lodging SMSF and Trust returns via Class? Here are a few advantages to do so.
- Time Savings:Class allows the ability to lodge multiple SMSF tax returns in bulk via a single screen.
- Centralised:Easily track and manage all your SMSF lodgements via ourtax lodgement consoleacross your entire business.
- Less Errors:Reduces the chance of any human errors encountered when exporting the tax return manually to other software systems.
- Check out our help centre's Trust lodgment sectionfor your next Trust lodgement.
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 through Tax Agent Portal.
- Check out theTBAR FAQsarticle that answers a lot of your questions.
- 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.
Getting back to basics and Best Practice
- Class Data has a defined hierarchy.Class data hierarchyis important for things like settings, default contacts, and parcel match allocation. It is worth getting this concept right when processing on Class.
- Did you know there areshort cut keys on Class that can help with faster processing?
- Recently many of you have enquired about issues with the Period Update function. We hopethis article can help you fast track the resolutions to these issues.
- Another popular topic from you to the support team is about Tax Statement processing. We have adedicated section in the Help Centre for all things Tax Statements including how to process atax statement with AMIT
- If you are transitioning a new fund onto Class,this guide will help you through the steps.
- The following checklists have been created to give you a quick reference guide to the Best Practice processes.
- How to Process a Fund.pdf
- Process Checklist for SMSFs.pdf
To view the FAQs newsletters from past months please click here.
If you have any questions regarding the articles above, please feel free to contact Support on 1300 851 057 or log your support ticket via thein-app widget.