Welcome to the May edition of Class FAQs.

This article contains the some of common FAQs and some suggested actions you can take once the Annual Return has been lodged.

Lodgment and Year End

Lodgment and Audit information: 

• Fixing lodgment issues has never been easier.  Should you encounter ATO validation errors message , refer to the description in either SMSF Annual Returns or Trust Annual Returns.
• We have a tax lodgment console report to help your verify the annual return lodgment status for all funds within your business.
• Getting questions from Auditors? Show them the SMSF Auditor Guide, which is designed to help Auditors use Class and access information required for Audit.

Already completed lodgment? What's next?

• • Reviewing Data Feeds for all funds using the Business Level Feeds Console can be a worthwhile exercise. Setting up Data Feeds is the key to using Class to its full potential. 
  • Perhaps set a reminder for property valuation on 30/06/2024. If you have an issue with RP data valuations, this article may help.  
  • Once the 2023 year is closed (and only when it is closed), it is time to complete pension reviews. A faster way to complete these is at the business level > click on the Members tab > select the "Pension Limits" radio button > sort by "Requiring Action" column > then click on the menu icon on the right > select "Pension Review Details" to complete pension review in the fund.
  • Review your funds investment holding account as at 30/6/2023 and process bulk suspending zero holding accounts . This will help to increase your visibility to review investment with values and clearing up unused investment holding to speed up processing your fund.
  • If you are transferring or moving a fund from one class business (outgoing administrator) to another business (new administrator),  you can leverage on fund transfer data report and this article will guide you through the process. 

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