Class releases CGT relief applications in software
In preparation for the super reforms commencing on Saturday, Class has released a software update that includes CGT relief applications and the collection of pension transaction data.
Class chief executive Kevin Bungard says the CGT Relief Applications will allow accountants administering SMSFs to compile and submit the required data to the ATO for transitional CGT relief and automatically produce the required minutes for the fund.
“We’ve streamlined one of the most complex parts of the super reform changes,” Mr Bungard said.
“Class Super automatically calculates the deferred notional capital gain until the assets are sold.”
Class Super will also be able to collect critical data on pension establishment and commutation required for compliance with the new $1.6 million transfer balance cap.
Mr Bungard said SMSFs with a retirement phase pension will need to begin prompt reporting of many pension transactions from 1 July 2018 at the latest to allow the ATO to track compliance with the cap.
“The ATO has made it clear that events like pension commutations should be recorded as such at the time they are made,” he said.
Class has also updated the classification of employer super contributions to enable SMSFs to take advantage of the First Home Super Saver Scheme announced in the May 2017 federal budget.