Class Financial Systems, developer of Class Super, has launched an automated property valuations service for SMSFs in conjunction with RP Data.
The launch of the new facility is in direct response to the SMSF sector’s increased interest in direct property and release of the Australian Taxation Office's Valuation Guidelines for SMSFs, Class Super chief executive officer Rajarshi Ray said.
The service is the first of its kind in Australia, according to Class Super, and is expected to “significantly enhance” administrator and accountant productivity.
With property representing 15 per cent of SMSF assets, RP Data chief executive officer Graham Mirabito said the facility will assist trustees in meeting their compliance obligations.
“This innovative integration will assist with managing this significant portion of SMSF wealth,” Mr Mirabito added.
The service will bring “significant cost savings” and productivity enhancements, according to Heffron’s head of technical services Meg Heffron.
“Market value reporting for property assets has always been a bit of a nuisance,” Ms Heffron said.
“Firstly, because trustees need help in meeting legal obligations without going to great expense and secondly, we have to keep track of which assets have been revalued. This latest service from Class will help us with both problems,” she said.
This service is provided at no additional cost to Class users, according to Class Super, and will be further enhanced in the coming months.
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