Welcome to the March edition of Class FAQs.
Year End Processing
We aim to reduce processing time when you are finalising the accounts for the year. As such, we have developed a best practice approach to optimise your EOFY processing in class:
Bulk Processing
Did you know that Class' bulk processing functions will save you lots of effort and time?
- BulkClassify Cash and Bulk Generate Income and Auto match at the business level
- Bulk processing corporate actions at the business level
- Process Authority forms for Data feeds in Bulk at the business level
Property & Depreciation Worksheet
- Process property purchase across financial years and property disposal across financial years are 2 important articles to help you process these scenarios correctly on Class
- Overview of Depreciation – summarises the key concepts and has links to all the main depreciation pages
- Depreciation FAQ – answers some questions which were previously separate articles. This will be updated with addition questions and answers based on support tickets
- Rollover Depreciation Worksheets Between Years – this documents the process for depreciation rollover each year and when to do it manually
New Member Onboarding Checklist
- When you set up a new SMSF, or take on an existing fund from another accountant / administrator, or a new member joins in the SMSF, please consider the following:
- 1. Total Super Balance (TSB)
- 2. Catch-up Concessional Contributions (2018-19, 2019-20, 2020-21,2021-22) 3. Non-Consessional Contributions (Bring Forward Rule)
- 4. Transfer Balance Account Reporting (Personal TBC & Available Cap)
- 5. Existing Pension Details (Pension Account Identifier to match the one reported to the ATO)
- 6. Use smsfdataflow as the Electronic Services Address (ESA)
FAQ newsletters from previous months can be viewed here.
Feel free to contact us via Live Chat, call us on 1300 851 057 or log a support request in app.