Class upgrades data feeds for real-time reporting

Data feeds on the Class SMSF administration software are now certified with an ASAE 3402 Type II assurance to help accountants comply with the ATO’s tougher reporting deadlines.

Class chief executive Kevin Bungard said daily reconciled data feeds are essential if accountants are to meet the real-time reporting requirements coming into effect for SMSFs.

Mr Bungard said monthly and quarterly data imports were not going to allow accountants to meet the much tougher reporting deadlines required by the ATO.

“The new reporting requirements are a key ‘RegTech’ integrity measure introduced as part of the Super Reform changes and the $1.6 million transfer balance cap,” said Mr Bungard.

Mr Bungard said data feeds were evolving rapidly and the Super Reform RegTech changes were just the tip of the iceberg.

“FinTech changes, including blockchain and distributed ledger technology, the new payments platform and open banking standards will all disrupt the way that data feeds are delivered,” he said.

“It is essential that consumers are able to rely on the data that is supplied.”

Accountants moving to innovative cloud technology, he said, expect to have data feeds to match. 

“The use of unsecured emails, screen scraping and quarterly extracts to obtain data just dont cut it today. These methods are as archaic as desktop software,” he said.

“They can’t pass an audit or meet the emerging data quality and technology standards that the industry is moving towards.”

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