Class launches trust lodgment functionality
Software firm Class has developed electronic trust software that automates the preparation and lodgment of tax returns.
Class has now released its electronic trust lodgment functionality as part of its Class Trust product. The new functionality will provide accountants with a new seamless end-to-end solution for automating the preparation and lodgment of tax returns from the 2021 financial year moving forward.
Class chief customer officer Jason Wilson said that manually lodging tax returns for each trust client could be a time-consuming process.
“We’re now giving you that time back with electronic tax lodgment, the latest capability now added to your Class Trust Tax accounting features,” Mr Wilson said.
Some of the key features of the Class Trust lodgment, which are undergoing verification with the ATO, result in a simple solution for the administration and lodgment of trusts, stated Class.
“Functionality includes automated pre-fill, detailed tax reconciliation, instant validation and one click validation. This is on top of the existing Class Trust features that enable users to generate on demand customisable financial statements and detailed tax and investment reports on a client’s portfolio,” Mr Wilson explained.
“A key benefit is that automatic creation and reconciliation of accounting and taxable income removes disjointed manual processing while secure lodgment has been inbuilt as a major feature providing added security for tax agents.”
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
