“Existing Class data filters allows users to easily create a list of SMSF members with a pension balance greater than $1.6 million. With the new bulk commutation feature, the user can then choose how much they want to commute from each account-based pension or they can nominate a total amount, which can be automatically distributed across pensions based on the pension start date or the tax-free percentage,” Class chief executive Kevin Bungard said.

“Class will then automatically create the appropriate documentation for the bulk commutation event,” Mr Bungard said.

Class has also introduced a capital gains tax relief report for proportionate funds, which helps determine which investments qualify for the CGT relief offered under the $1.6 million transfer balance cap and the TRIS reforms.