Tackling Super Reforms with Class Data Filters

February 7, 2017

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

The improvements come as accountants are challenged by the biggest changes to super in more than a decade and a looming deadline of 1 July 2017 to comply with the new rules.

Filtering enables Class users to quickly identify funds and members at key balance thresholds, those with transition to retirement income streams and fund members in relevant age brackets.

The improvements also highlight Class as the only cloud SMSF admin software that properly handles funds with segregated assets for the payment of pensions. In addition to tracking segregated assets in a fund, Class users can now easily identify which of the funds they administer use the segregation method and that may want to take advantage of capital gains tax relief offered under the reforms.

It is also possible to combine filters to achieve even deeper data analysis.

For example, Class users can easily create a list of funds that have a pension balance over $1.6m, have segregated assets and have members that are close to retirement age.

Class CEO Kevin Bungard said the improvements to Class were part of an ongoing program to assist accountants and administrators to implement strategies around the super reforms.

“The reforms are the biggest changes since 2007 and now is the time to reach out to your clients and ensure that they are informed and have a plan of action,” Mr Bungard said.

“Class will continue to roll out new features and functionality to enable our users to efficiently address the changes and achieve the best outcomes for their clients.”

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