You have 0 free articles left this month.
Register for a free account to access unlimited free content.
Powered by MOMENTUM MEDIA
accountants daily logo

Class launches tech to support accountants with new ATO requirements

Technology

The wealth accounting technology company has added a new feature to its trust account and administration software cloud solution, ‘Class Trust.’

By Imogen Wilson 12 minute read

Software provider Class has launched a new feature on Class Trust which will automatically generate the new ATO Trust Income Schedule (TIS).

The automatic generation of the ATO TIS eliminates the need for manual entry and ensures compliance is in line with the latest trust reporting requirements.

Class said the new enhancement will aid in the ATO’s new tax return changes.

“Class Trust enables accountants to auto complete and reconcile income distributed from trusts including unlisted trusts, listed securities, managed funds and stapled securities into the TIS, eliminating the need for manual entry,” Class said.

Beneficiaries who receive trust income from 1 July 2023 must lodge the new TIS with their tax return as part of the ATO’s Modernisation of Trust Administration Systems project new tax changes effective this year.

Class CEO Tim Steele said the ‘Class Trust’ enhancement highlights its ability to support accountants when adapting to regulatory changes and efficiently manage the complexity of administering trusts.

==
==

“Class Trust is designed to provide accountants with an automated, streamlined and compliant TIS which simplifies the administration of trust entities at tax time while also reducing the complexities of reporting and lodgement requirements,” he said.

“Trusts are often in the spotlight and its critical accountants efficiently adapt to new regulations so they can continue to cost effectively deliver great client outcomes.”

Other features of the new enhancement include automated investment tracking and reconciliation to save time on manual entry which will generate financial statements and tax reports on demand.

A standardised administration approach will also be featured to simplify trust administration through a standardised approach.

Real-time distribution decisions will allow for distribution decisions before 30 June based on up-to-date information, accessing financial year-to-date income, franking credits, and capital gains at any time.

Automated tax statements will enable the streamline of tax statement components to distribution income that will dramatically reduce manual data entry and tax reconciliations preparation for lodgement and the ATO’s new TIS.

Saving time on automatic calculation of income components available for each beneficiary will also be made possible with a feature of efficient trust distributions.

‘Class Trust’ will also feature electronic lodgement to lodge tax returns electronically with the ATO to save hours of manual data entry.

Steele said Class is sure the new software solution will significantly benefit the accounting industry in their operations and processes.

Imogen Wilson

AUTHOR

Imogen Wilson is a graduate journalist at Accountants Daily and Accounting Times, the leading sources of news, insight, and educational content for professionals in the accounting sector.

Previously, Imogen has worked in broadcast journalism at NOVA 93.7 Perth and Channel 7 Perth. She has multi-platform experience in writing, radio and TV presenting, as well as podcast production.

Imogen is from Western Australia and has a Bachelor of Communications in Journalism from Curtin University, Perth.

You are not authorised to post comments.

Comments will undergo moderation before they get published.

accountants daily logo Newsletter

Receive breaking news directly to your inbox each day.

SUBSCRIBE NOW