Class Blog

We share some of the key insights shaping our industry from the Class Annual Benchmark Report 2023 and explore what this means for the future of SMSFs in Australia.

There is so much noise around the benefits of AI, but what is it? Put simply Artificial intelligence (AI) involves using computers to do anything that traditionally requires human intelligence. So, why is it so important?

The Budget 2021 includes a number of positive measures specific to the wealth accounting sector that are to be welcomed, but the industry needs ongoing evolution through government, according to Class Limited CEO, Andrew Russell.

Self-managed super funds (SMSFs) have long played a pivotal role in the business models of key accounting firms. However, changes in superannuation policy around contribution caps and the introduction of the transfer balance cap have motivated accountants and advisers to provide investors with the next best alternative for tax effective wealth management.

Investors often talk about running a self-managed superannuation fund (SMSF) being difficult or risky. This is probably because trustees of SMSFs are ultimately responsible for complying with all the rules, many of which they don’t understand in detail. That sounds risky!

The end of the financial year means wrapping up 12 months of activity for clients, lodging records with the Australian Taxation Office and finalising accounts. It is a time when every client needs attention and accounting practices’ resources are stretched. This is why more and more accounting processes are relying on automation to reduce manual work and streamline processes.

Although much attention is focused on the world’s battle with coronavirus, it shouldn’t be forgotten that the end of the financial year is fast approaching. Despite the pandemic affecting individuals and businesses across Australia in many different ways, now is still the time to prepare for an unusual end of the financial year.

The spread of COVID-19 has impacted all aspects of business, and the technology sector is no exception. While some tech businesses have shot to global prominence, others have had their fundamental value questioned. We explore three lessons tech companies can learn from recent events.

Transitioning a business to operate in the current, topsy-turvy market conditions has required a wide range of initiatives. Through it all, ensuring the wellbeing of staff remains our top priority.

The Australian Federal Government has responded to the COVID-19 pandemic by releasing three stages of stimulus, focusing on small business, those who have lost their employment, and those who were already receiving government support. Here we step through them, and outline what Class is doing to help ensure our customers can help their clients.

Given the current challenging environment we all find ourselves in and that many Australians have moved to remote working, Class would like to take a moment to update you on our latest data security compliance and to reassure our customers that your data is safe with us.

As the COVID-19 situation continues to evolve, Class and NowInfinity wanted to take a moment to share how we are responding to these challenging and unprecedented times.

On Friday, 13 March 2020, Class welcomed a new brand identity. As our recent acquisition of NowInfinity demonstrates, we are entering an exciting period of growth here at Class, and the launch of our new brand demonstrates the direction and momentum of our business.

To say that the issue of franking credits – or, more accurately, the Labor Party’s proposal to cancel cash refunds for excess dividend…

On Tuesday, 2 April 2019, Treasurer Josh Frydenberg handed down the 2019-20 Federal Budget. The Treasurer announced the first Budget…

The following content has been created and supplied by DBA Lawyers, a Partner of Class. Introduction On 17 July 2018, Treasury released…

The arrival of the new transfer balance account report (TBAR) for self managed superannuation funds (SMSFs) is creating major headaches for…

If you’re an accountant managing self managed super funds (SMSFs), you’ll know that the work involved has been increasing every year….

The following content has been created and supplied by Smarter SMSF.

The following content has been created and supplied by DBA Lawyers, a Partner of Class. While there are a large number of cryptocurrencies…

This year Budget focuses on infrastructure, black economy and tax cuts, only minor changes around Super.

The December benchmark report takes a closer look at investment preferences of pension SMSFs.

The SMSF Academy has released a podcast with Aaron Dunn talking with Kevin Bungard, CEO of Class Limited, about key insights from the…

The eligibility criteria for individuals who wish to bring forward their non-concessional contributions (‘NCCs’) cap post-1 July 2017 is more rigorous and complex than ever before.

The SMSF Academy has released a podcast with Aaron Dunn talking with Kevin Bungard, CEO of Class Limited, about key insights from the…

Part 3 of 3: Brokers vs Share Registries

Part 2 of 3: Why ASAE 3402 Assurance Matters

Part 1 of 3: Back to Basics

Strong growth in SMSFs and the rapid development of technology make the sector an attractive opportunity for accountants wanting to grow…

The SMSF Academy has released a podcast with Aaron Dunn talking with Kevin Bungard, CEO of Class Limited, about key insights from the…

SMSFs are now being hit with a second wave from the Super Reforms.

Every accountant and adviser involved with SMSFs knows that their industry is going through profound change. The Super…

There are many myths held regarding what happens to an individual’s self managed superannuation fund (‘SMSF’) when they pass away.

Accounting firm Perks is a longstanding member of the South Australian business community, approaching 30 years old. But a look inside the…

July 1 has come and gone and most of the Super Reforms are in force. Accountants are now swamped with work implementing the Reforms and putting in place strategies for their clients for the new era.

SMSF trustees hold, on average, as much wealth outside their SMSF as inside, not including the family home.

This year has been a tumultuous time for the accounting profession, particularly those who administer SMSFs.

Elon Musk is known these days for many ideas, from ubiquitous electric cars and solar roofs to spaceships to Mars and winding…

This year I am taking part in the St Vincent de Paul CEO Sleepout in Sydney on 22 June. Along with other CEOs, I’ll be sleeping outdoors…

The adoption of cloud technology for SMSF administration is not just a good idea, it is increasingly becoming essential and a critical…

Australians with SMSFs, particularly those aged over 49, will be much harder hit by the Super Reforms than government statistics suggest,…

The digitisation of the economy and the growth in the volume of data produced is phenomenal. IDC has predicted that between 2014 and 2020,…

Income protection insurance will provide a regular monthly income whilst unable to work due to sickness or accidents.

Property prices are a sensitive topic in Australia.

Class has introduced advanced filtering to allow SMSF accountants to identify and assist SMSFs impacted by the superannuation reforms.

Almost a third of accountants and administrators are considering moving their portfolio administration to a cloud software solution within…

As with all succession planning discussions, SMSF succession planning being no different, people…

The Department of Treasury on 27 September 2016 released the second tranche of exposure draft legislation and explanatory material in relation to the Federal Government’s proposed superannuation reforms.

Last month Class Super received ASAE 3402 assurance for its data feed system.

Class has released its June 2016 SMSF Benchmark Report, an overview of data about SMSFs and administrators.

When you consider the fact that depreciation can be a huge deduction for a property investor, it is odd that many people fail to claim it.

All newly acquired investments by SMSF trustees in collectables and personal use assets since 1 July 2011 have been subject to strict rules under reg 13.18AA of theSuperannuation Industry (Supervision) Regulations 1994 (Cth) (‘SISR’).

A new Federal Court case underscores the continuing relevance of pecuniary penalties under the civil penalties regime to the ATO’s enforcement toolkit.

The ATO has reminded SMSFs that, from 1 July 2015, the legislated rise in the ‘preservation age’ (defined in SIS reg 6.01(1)) has come into…

It’s been an inspiring few weeks here at Class. Amongst our clients, partners and regulatory and professional bodies, positive change and innovation have been visible from all angles.

Investors are rediscovering the importance of diversification to balance investment risks and take advantage of strong international growth…