With continued advancements of technology within the accounting world, the SMSF environment is also a frequently changing space. In June last year, our firm implemented a new SMSF administration software platform, Class Super. Following this implementation, we have witnessed the technological benefits of the cloud program first hand.
The following capabilities and features of Class have allowed our office to increase our productivity, ensure that we are ready to meet event-based reporting deadlines on a timely basis, and increase our efficiencies so that we can provide clients with an accurate and meaningful report into their SMSF performance and tax outcomes.
Data feeds available within Class Super allow our office to receive electronic transactional data directly from various financial institutions and investment platforms. This function streamlines the data entry process and provides more timely information on our clients SMSF’s activities to support and enhance the services we provide.
With over 180 direct connect data feeds available within Class Super, we are able to source large quantities of accurate data from most banks and brokers within minutes. The feeds ensure we are accurately representing investment valuations, cash transactions, investment movements and income components. One of the main advantages of establishing and accessing these data feeds is that there are no additional costs involved to our clients.
A data feed authority form must be signed by the trustees of the SMSF for the connection to be established. The Class data feed provides our office with read only access to SMSF data giving us no permission to transact on a clients behalf.
As the feeds are a direct connection, they come directly from the financial institution and into Class via an enterprise grade secure and encrypted link. This link is designed specifically for the purpose of data feeds and can not be intercepted making the feed highly secure.
Self managed super funds have new reporting obligations requiring certain events to be reported separate to the annual SMSF tax return. As discussed in Luke’s blog ‘New SMSF Reporting Requirements’, the ATO have introduced a new reporting requirement know as a Transfer Balance Account Report (TBAR). This enables the ATO to track an individual’s balance for both their transfer balance cap and total superannuation balance.
Following the introduction of Transfer Balance Account Reporting, Class Super updated their systems to include a TBAR console which can be used to bulk report across multiple funds. The functionality allows the generation of a single file containing all reportable events across all the funds we manage within Class Super which can then be lodged with the ATO.
This system update allows our office to assist the trustees of SMSF to meet their reporting obligations in an efficient and timely matter. Michael Lamont will discuss the ongoing impacts of TBAR reporting within the next Blog.
After using Class Super for over a year now, you will find majority of us accountants very happy with the change to the cloud platform, Class Super. The services provided including data feeds, access to real time secure information and frequent updates to remain relevant in the ever changing superannuation environment have become a crucial component to our preparation of SMSF compliance work.
Ensure you are meeting all trustee requirements and find out how BLG Business Advisers are keeping up with technological advancements. Get in touch and arrange a meeting with a BLG team member online or by calling (02) 4229 2211.