Class launches tech to support accountants with new ATO requirements
The wealth accounting technology company has added a new feature to its trust account and administration software cloud solution, ‘Class Trust.’
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.
