What’s new in Class this quarter

March 22, 2023

March 2023


Change Brand  To provide flexibility on which types of users can change a brand, a setting has been added at the Business level under the Security Settings tab to allow Access Controllers to extend the Change Brand function to Read & Write users. By default this setting will remain as restricted to Access Controllers. You can find out more details about the change here. Downsizer Contributions In accordance with legislation passed in December 2022, the validation for Downsizer contributions to accept contributions for members aged 55+ from 1 January 2023 has been updated. You can find out more about this change here. Trust Tax Return Roles Based on your feedback, we have removed the restriction where only Tax Agents can lodge the Trust Tax Return. Access Controllers and Administrators will now also be able to view and lodge the return. You can find more details about lodging a Trust return here.

February 2023

Class Super/Trust/Portfolio

Scan & Save With this powerful new feature you can save time and upload PDF bank statements when a Bank Data Feed like Suncorp or others are not available or where a data feed doesn’t provide historical transactions. Auditors will be able to see from the audit trail, which transactions have been uploaded by Scan & Save and or if they have been modified by a user. Find more information on the User Guide page here. SuperStream A validation has been added to the initiate Rollover Out screen. Where a Full balance Rollover Out is selected, the initiate Rollover button will be disabled until a Period Update has been run the day before. Further information can be found here.

Fixes and Enhancements

Audit Report Part B of the SMSF Audit Report has been updated to refer to the new Auditing Standard ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements as per ATO’s requirement. Multi-Factor Authentication (MFA) Class Investor mobile app version 1.0.26 are now available to download on the App and Google Play stores. Users will need to download this version which includes MFA. Users will need to download this version or later before 31 March 2023 to continue to access the Class Investor mobile app. Member Postcode Validation with a leading 0 We have fixed a validation message if the member address postcode has a leading 0 and Validate Address is selected. All Northern Territory postcodes starting with 0 is valid and we have removed validation message.

Tax Statements

ASAE 3402 Report Class has obtained ASAE 3402 Type II report for Tax Statements. This covers Tax Statements that are available on the Tax Statement Console. Auditors can obtain a copy of this report by contacting Class Support. For more information review the User Guide article here. Supported Tax Statements for FY2022 have been finalised. Below are links to the 1,535 Tax Statements that Class supports.

January 2023

Class Super/Trust/Portfolio

Multi-Factor Authentication (MFA)
  • MFA now supports SMS as an alternative to Authentication method. You can switch to SMS method by resetting MFA. 
  • On 9th February we will be turning on MFA for all Class users, including the additional roles of Members, Beneficiaries, Trustees and Investors. 
  • All users will be able to reset their own MFA if they want to switch MFA method or if they need to reset their MFA, for example a replacement phone.
  • Read/write users on Class app will be able to reset MFA for Members, Beneficiaries, Trustees and Investors if those users forget the answers to their security questions.
Further information can be found here.

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