SMSF software firm automates tax statement processing
One of the major SMSF software firms has developed a new console that manages and automates the processing of tax statements.
Class has launched a tax statement console that allows accountants and administrators to process tax statements automatically, either individually for each security or in bulk.
The console contains underlying tax statement data for a large percentage of directly held securities.
It also allows users to view a list of all tax statements that require processing, including status and actions required.
Class acting chief executive Glenn Day said that the processing of tax statements is both time-consuming and skill intensive and has been an ongoing source of frustration for accountants and administrators.
“Manually entering data makes the process prone to errors, and the poor availability and quality of underlying tax statement data often causes delays in lodgements and, as a result, tax refunds for SMSF pensions,” Mr Day said.
“With the introduction of tax statement automation, Class has delivered an innovative solution to a long-standing challenge for accountants and administrators. This is another great example of automating manual and complex processes to support our customers to achieve significant business efficiencies and deliver better client outcomes.”