Welcome to the February installment of our Class FAQs newsletter.

In this edition, we are thrilled to unveil the lineup of upcoming webinars and training sessions. We are proud to announce our significant accomplishment of attaining ASAE 3402 Certification in Tax Statement Reports. In addition, we will delve into the enhancements introduced in our recent release, specifically designed to assist users in the property purchase and sales settlement process. We are excited to share these developments and insights with you, reinforcing our commitment to excellence and continuous improvement.

Webinars and Training 

On 13 February 2024, our dedicated support team launched the webinar series - "Four Steps to Lodgment," a comprehensive four part series on processing in Class. If you're relatively new to processing in Class, we invite you to join our support webinar series, complete with in-app demonstrations guiding you through each step. Our aim is to provide you with the knowledge to facilitate a seamless experience from new fund setup to lodging SMSF returns. 

Be sure not to overlook our prominent pop-up notification detailing how to register for our upcoming webinars

For those interested in our live zoom paid training, consider joining our monthly Class Essential Training. Alternatively, we offer a complimentary online course, Class Essentials, covering modules and topics presented in our live training courses. These modules can be attempted in any order, and upon completion of all, you will receive a certification of achievement.

ASAE3402 Type II Assurance Report on Tax Statement Automation

We are delighted  to announce that we have secured our ASAE3402 certification on our Tax Statement automation services. This achievement, recognized by the Auditing and Assurance Standard Board on 19 February 2024, marks four consecutive years of certification.

Class' Tax Statement automation service sources distribution tax components from fund managers, ASX announcement data, share/unit registry providers and annual tax statements issued to investors by registries. 

Property Processing Improvements

In our Feb product release, we implemented several enhancements aimed at refining the user experience, particularly in the realm of property processing. These improvements include re-naming parcel type relates to accumulated depreciation opening balance, introducing validation and error messages  to guide users on proper processing property events, including the depreciation worksheet.  The key enhancements encompass:

• Implemented an error message prompt, preventing users from creating a manual property depreciation when a depreciation worksheet is in use in any of the financial years.
• Introduction of of an error message prompt in cases where users attempt to create a property purchase/sales deposit event without a corresponding settlement event.
• Automation of the remaining amount in property settlement, now auto-populated from the property deposit event. This prevents users from encountering unsettled trades due to incorrectly entered amounts.
• Display of a warning message during a period update when there is residual book cost on the depreciation worksheet, ensuring users are informed of potential discrepancies.
• Renaming Parcel Types for opening balance-accumulated depreciation: changing "first element" to "Accum Depreciation Div 40" and "tax deferred" to "Accum Depreciation Div 43". These name changes aim to provide user clarity and understanding on the nature associated with parcel type.

1. Please be sure to keep a lookout for our forthcoming webinar on property processing in Class scheduled for 26th of March. This session promises to provide valuable insights and techniques for achieving a more efficient and effective approach to property processing within the Class platform. We invite you to join us and enhance your proficiency in processing property-related tasks.

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