Class Launches Powerful Trust Lodgment Functionality

May 5, 2022

Reduces manual processes and further builds out a genuine trust accounting solution for accountants through comprehensive trust financial statements and now tax lodgment.

Class, a renowned innovator in the cloud software market for the administration of self-managed super funds (SMSFs), today announced the release of  Electronic Trust Lodgment functionality as part of its Class Trust product.  This provides accountants with a new powerful and seamless end-to-end solution for automating the preparation and lodgment of tax returns from the FY21 financial year moving forward.

“Manually lodging tax returns for each of your firm’s trust clients can be a time consuming and laborious process,” says Jason Wilson, Chief Customer Officer, Class. “We’re now giving you that time back with electronic tax lodgment, the latest capability now added to your Class Trust Tax accounting features.”

Manually lodging tax returns for each of your firm’s trust clients can be a time consuming and laborious process. We’re now giving you that time back with electronic tax lodgment, the latest capability now added to your Class Trust Tax accounting features.
Jason Wilson
Chief Customer Officer, Class

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.”

About Class

At Class, our vision is to reimagine a simpler, more automated world for our customers through innovation and technology leadership. We reimagine solutions through the smart application of technology to make processing and data connection painless and by simplifying complex customer problems. Whether you’re managing an SMSF, investment trusts, companies or individual trustees, Class’ powerful features will help make your wealth management and corporate compliance tasks simpler, automated and connected.

Media Enquiries:

David Bass
T: 0416 017 194
E: david@basspr.com.au

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