Class Launches Powerful Trust Lodgment Functionality

Key features of Class Trust Tax Lodgment, which are undergoing verification with the ATO, result in a simple solution for the administration and lodgment of trusts. Functionality includes automated pre-fill, detailed tax reconciliation, instant validation and one click validation. This is on top of the existing Class Trust features that enable users to generate on demand customisable financial statements and detailed tax and investment reports on a client’s portfolio.

A key benefit is that automatic creation and reconciliation of accounting and taxable income removes disjointed manual processing while secure lodgment has been inbuilt as a major feature providing added security for tax agents.

Class is Australia’s pioneer in SMSF cloud solutions that has now been extended to discretionary trusts. Around 1,600 accounting and administration firms rely on Class to administer more than 185,000 entities.

Wilson says, “Our north star is to ensure the satisfaction of our users. As a result, we not only want to provide exceptional trust accounting and administration management software but we also want to help customers extract maximum value in automating what can often be repetitive tasks. We constantly aim to deliver an easy-to-use, secure platform that empowers accountants to standardise their trust accounting and administration, provides access to the latest information on a client’s trust portfolio and saves time for users so that they can focus on adding value to their client relationships.”