Class Ignite 2024 Live Blog – Day 2

September 19, 2024

Reflecting on Meg Heffron’s insightful session at Class Ignite 2024

In a detailed and engaging presentation, Meg Heffron, Managing Director of Heffron, shared valuable insights at Class Ignite 2024 about the changing world of SMSF. She focused on strategic considerations for SMSF advisers and accountants, aiming to enhance client benefits under current and forthcoming superannuation regulations.

Key takeaways:

  • Legislative updates and strategies: Meg provided updates on how recent and upcoming legislative changes could impact superannuation strategies and client decision-making.
  • Practical examples and strategies: The session highlighted actionable strategies for SMSF professionals, including optimising contributions and rebalancing accounts between partners, demonstrated through practical scenarios like those of “Bill and Donna.”
  • Advanced planning techniques: Meg emphasised the importance of strategic planning in superannuation management, explaining how targeted approaches like death benefit planning and re-contribution strategies can lead to significant long-term tax savings.
  • Interactive discussions: Through a series of scenario-based discussions, Meg clearly showed the benefits of contributions splitting, explaining their impact on SMSF management and client financial health in an easy-to-understand way.

Session impact:

Meg Heffron’s presentation provided a detailed roadmap for navigating the complexities of SMSF advisory amid new legislative frameworks. Her insights provided attendees with essential strategies to improve their advisory services, ensuring that clients not only comply with regulations but also maximise their superannuation benefits.

A big thank you to our #ClassIgnite2024 sponsors for their support!

It’s been fantastic to see delegates connecting with sponsors and hearing about the exciting innovations they’re bringing to the SMSF and accounting industry.

Be sure to visit their booths and explore how they can empower your business.

Proudly supported by:

  • Platinum sponsors – TOA Global, Kloud Connect and Solutions Centric
  • Gold sponsors – Accountancy Insurance, accountantsGPS, Accurium, ANZ, ASF Audits, ATOmate, Canni Money, Cloudoffis, Evolv Super Audits, Heffron SMSF, Macquarie Group, Oxygen Home Loans, SMSF Auditing Australia, SMSF Association, SuperRecords Pty Ltd
  • Coffee sponsor – Lime Actuarial

Get a free health check

Are you getting the most out of Class or NowInfinity? Are you up to date on the latest features and their benefits?

If you’re a Class or NowInfinity client, come see the team for a free health check at Class Ignite to get the most value out of your software.

In just 15 minutes you can get some great tips to increase efficiency in your practice. Chat with our product experts on Level 4 at the event.

Class and NowInfinity Product Update Recap: What’s New?

Excitement was in the air as the much-anticipated Class and NowInfinity product update kicked off at #ClassIgnite2024! Angelique Faes, Head of Product, alongside Product Managers Sebastien Brennan and Jacqui Chan, delivered an engaging session packed with updates designed to streamline SMSF and Trust administration workflows, as well as corporate compliance.

The latest from Class includes several enhancements aimed at boosting efficiency. Automated Corporate Actions now simplify compliance tasks by automating processes, reducing manual input, and minimising errors. Additionally, Share Registry Connections improve integration with registries, making share-related data management easier than ever. Practices can also benefit from improved data feeds, which provide smoother and more accurate data handling to support compliance and administration.

On the NowInfinity front, several new product features were showcased. Recently released updates include the TRIS to TRIS in Retirement Phase feature, which has added Member Applications, Trustee Resolutions/Minutes, and Trustee Notifications. Similarly, the Pension Commutation (Partial or Full) process has been enhanced with Member Applications and Trustee Notifications. Further improvements have also been made to the Pension Establishment Pack, which now includes Pension Payment Requests, Product Disclosure Statements, and a comprehensive pension agreement.

Looking ahead, NowInfinity’s Super Comply tool is set for a major re-launch, making it even easier to update deeds in bulk. The upcoming release will offer new tools to ensure that your clients’ deeds and investment strategies are always compliant and up-to-date, reducing risk for SMSF trustees. The new annual deed update service will streamline compliance, while an enhanced investment strategy module will make documenting and confirming strategies more straightforward, aligning them with current legislation and ATO requirements.

Another exciting preview from the session was the Class Client Portal and Virtual Mail Room, which promise to revolutionise client communication and document management. These upcoming features will simplify document sharing, securely store sensitive information, and enhance client engagement. Both tools are set to be integrated into the NowInfinity platform in the near future.

For those keen to experience these developments firsthand, the beta programs for the Class Client Portal and Virtual Mail Room are now open! Don’t miss the opportunity to be part of these innovative updates—express your interest here: Stay up to date with the latest product updates – Class


 

Navigating new frontiers: Peter Burgess unpacks SMSF legislative changes

Peter Burgess has just shared valuable insights in his recent presentation at the Class Ignite event.

  • Non-arm’s length income (NALI) rules: Peter discussed the changes enacted on 28 June 2024, emphasising that NALI no longer applies to general and specific expenses, affecting all fund income.
  • Capital gains tax (CGT) adjustments: He explained the proportion approach to CGT and NALI, impacting how capital gains are taxed in SMSFs.
  • Division 296 developments: Peter outlined the key components under consideration, including the treatment of LRBA amounts and rollovers, important for members nearing the $3 million cap.
  • Upcoming legislation: Anticipation around Treasury Laws Amendments still in the Senate, with changes aimed at making superannuation concessions fairer.

This session highlighted the current landscape and prepared attendees for future legislative shifts. Thanks Peter for an informative update!

Good morning, #ClassIgnite2024 attendees! Get ready to kick-start your day with our morning sessions on Legislation and regulations update with Peter Burgess (SMSF Association) and the benefits of SMSF documentation with Michael Spakman and Kevin McFadden (Class). Today’s morning line-up is packed with insights you won’t want to miss.

We had an amazing networking event at Zeta Bar last night. It was an evening of connections, conversations, and unforgettable moments. If you missed it, don’t worry: there are still plenty of networking opportunities ahead today.

Stay tuned for more exciting updates throughout the day and keep the conversations going. #ClassIgnite2024 #morningsessions #networking

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