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Class announces Tax Statement Automation

Class announces Tax Statement Automation – a major breakthrough delivering huge efficiencies for accountants and administrators

13 February 2019: Class has announced the introduction of Tax Statement Automation, an innovative, ground breaking new feature which is set to deliver dramatic increases in time savings, reliability and timeliness for accountants and administrators.

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 lodgments and, as a result, tax refunds for SMSF pensions.

The new Class Tax Statement Automation solution includes:

  • a tax statement console that manages and drives automated processing of tax statements
  • aggregated underlying tax statement data for a large percentage of directly held securities

Now, instead of spending hours manually entering data, accountants and administrators can simply go to the tax statement console in Class to view a list of all tax statements that require processing, including status and actions required. They can then either generate tax statements individually for each security, or choose to process them in bulk. The solution drives dramatic time savings, increased reliability, and enables accountants and administrators to get funds finalised more quickly.

Glenn Day, CFO and Acting CEO at Class, says: “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.”

Paul Murray, CEO of First Class Super adds: “The new Class Tax Statement Console enhancement is another game changer! Since using this console we have been able to save on average 30 minutes processing time per fund. The more tax statements, the more time saved. With less processing, it not only greatly increases efficiency, it also reduces keying errors. We can now add value for our clients by spending more of our time on reviewing than simply processing.”

Class will be showcasing the new feature, which is available in both Class Super and Class Portfolio, at the SMSF Association 2019 National Conference in Melbourne, 20-22 February.

Media Enquiries:

Lilian Keaty, Marketing Director
E-mail: lilian.keaty@class.com.au
Phone: 0449 697035 or (02) 9016 3063

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