May 2023

Enhancements

SuperStream

A new status has been added to the Rollovers & Release Authorities console for Release Authorities, called Request Invalid. This change eliminates a time-consuming manual step where previously a member or Tax Agent would have to contact the ATO to reissue Release Authorities when information from the ATO didn't match the member details in Class. Now, the new Request Invalid status allows you to revalidate the Release Authority once the incorrect information is updated in Class. You can find more details about this new status here.

Settings

We’ve refreshed the layout of the settings at both the business level and fund level to improve the readability and also make it easier to distinguish between the different sections. Importantly any settings that were previously selected will remain unchanged.
We’ve also simplified the table under the Notification Settings for SuperStream by grouping the status by category to make it quicker to scan and update. As a new status has been added for Release Authority, Request Invalid, you should select appropriate contacts to receive e-mail notifications for this new status. You can read more about the Notification Settings here.

Report Pack Generation

We have made some under-the-cover improvements to the generation time of Report Packs so that they generate much quicker.

Updated the wordings of Note 1 (a) in the Notes to the Financial Statements for SMSFs to follow XYZ Model Financial Accounts standard (to comply with AASB 2020-2 effective from 1 July 2021). If your business has previously customised Note 1, follow the instructions here to update them.
SMSFs that need to be wound up early can now print a tax return for 2023 FY figures using the 2022 stationary. This can be lodged manually (post the paper form) with the ATO to allow you to wind up the fund. More information can be found here.
We've added 26 new corporate actions this month to further automate your processing. To find out more click here.
New Class Experience is now available for all businesses. Enhancements made in this releases
- The user e-mail is now visible under the My Account shortcut
- Manage Auditor Representatives will also appear under the My Account shortcut and can be used to manage MFA for auditor representatives if an Auditor Admin has been set up you can find out more here.