Tax Statement Automation
Remove the pain of processing tax statements
Processing tax statements has been an ongoing source of frustration for accountants and administrators. It’s time-consuming and skill-intensive, and manually entering data makes the process prone to errors. The poor availability and quality of data also often causes delays in lodgments and, as a result, tax refunds for SMSF pensions.
Class has addressed this inefficiency as part of its ongoing drive to deliver smart automation for clients. The result is a breakthrough in processing tax statements, delivering huge time savings for accountants and administrators.
The new Class tax statement automation solution includes:
- a tax statement console that manages and drives automated processing of tax statements
- sourced and aggregated underlying tax statement data for a large percentage of directly held securities
Now, instead of spending hours manually entering data, you can simply go to the tax statement console to view a list of all tax statements that require processing, including the status and action required. You can then either generate tax statements individually for each security, or choose to process them in bulk.
Greatly increased efficiencies, reliability and speed
With Class tax statement automation, you can look forward to:
- Dramatic time savings – fast and efficient automation of tax statement processing
- Increased reliability – reduce the risk of errors, with a single data source
- Speed and timeliness – streamline the admin process to get funds finalised more quickly
Tax statements not currently supported by Tax Statement Automation can be uploaded to Class as scanned or digital PDFs. Our OCR functionality, powered by machine learning from the processing of hundreds of tax statements, can then correctly identify and map tax components to the right fields.
An aggregated source of tax statement templates
Once the ratios are checked and verified, Class will create Tax statement templates and make them available for all Class customers.
By building an aggregated data source for tax statement templates, Class can continuously improve the coverage and accuracy of Tax Statement Automation.
What Class customers are saying
“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.”
Paul Murray, CEO, First Class Super
“The tax statement console by Class Super is a massive leap forward in the SMSF administration space. It is very easy to use and we foresee massive time savings when processing the tax statements accurately and efficiently using this new console.”
Basil Ma, SMSF Senior Accountant, Super Know How