Class launches enhancement to support accountants with recent ATO Trust Income Schedule requirements
Sydney, 27th August 2024 – Class has launched an enhancement to its trust accounting and administration software cloud solution, Class Trust, which automatically generates the new Australian Taxation Office (ATO) Trust Income Schedule (TIS), eliminating the need for manual entry and ensuring compliance with the latest trust reporting requirements.
As part of the ATO’s Modernisation of Trust Administration Systems project, new tax return changes effective from the 2023-24 income year require all beneficiaries who receive trust income from 1 July 2023 to lodge the new TIS with their tax return. The latest ATO figures show there are 947,264 trusts with assets of $2.3 trillion.1
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.
According to Class CEO Tim Steele, this latest enhancement highlights the ability of Class Trust to support accountants to adapt 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 lodgment requirements. 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 Class Trust include:
- Automated Investment Tracking and Reconciliation: Save hours of manual entry with automated investment tracking and reconciliation, generating financial statements and tax reports on demand, customised to your firm’s needs.
- Standardised Administration Processes: Simplify trust administration through a standardised approach, regardless of which team member is preparing the accounts.
- Real-Time Distribution Decisions: Make 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: Streamlined application of tax statement components to distribution income, dramatically reducing manual data entry and tax reconciliations preparation for lodgment and the ATO’s new Trust Income Schedule.
- Efficient Trust Distributions: Save time with automatic calculation of income components available for each beneficiary, including our powerful income streaming feature.
- Electronic Lodgment: Lodge tax returns electronically with the ATO, saving hours of manual data entry.
To find out more information on the enhancement, visit Class Trust Income Schedule – Class.
For media enquiries contact:
Natalie Pennisi
natalie.pennisi@class.com.au
P: 03 9275 7835
About Class
Class is a pioneer in cloud-based wealth accounting and is recognised as one of Australia’s most innovative technology companies, delivering trust accounting, portfolio management, legal documentation and corporate compliance solutions to financial professionals across Australia.
For further information, please visit https://www.class.com.au
About HUB24
HUB24 Limited is listed on the Australian Securities Exchange, and consists of the award-winning HUB24 platform, HUBconnect, Xplore Platform and Class Platform.
The HUB24 platform offers advisers and their clients a comprehensive range of investment options, including market-leading managed portfolio solutions, and enhanced transaction and reporting functionality. As one of the fastest growing platforms in the market, the platform is recognised for providing choice and innovative product solutions that create value for advisers and their clients. HUBconnect focuses on leveraging data and technology to provide solutions to common challenges for stockbrokers, licensees and advisers and enable the delivery of professional advice to more Australians.
For further information, please visit www.HUB24.com.au.
Disclaimer
The information contained in this document is provided by Class Pty Limited (ABN 70 116 802 058) and its subsidiaries (collectively, Class) and is current as at 23 July 2024. It is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. This information is general in nature and may omit detail that could be significant to your particular circumstances. This information is provided in good faith and derived from sources believed to be accurate and current at the date of publication. The information given in this document is in summary form and does not purport to be complete. While reasonable care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation and circumstances can change from time to time. Accordingly, neither Class nor any of its related bodies corporate make any representations or warranties as to the completeness or accuracy of the information in this document and none of these entities is liable for any loss arising from reliance on this information, including reliance on information that is no longer current. We recommend that you seek appropriate professional advice before making any financial decisions. Links to third-party websites are inserted for your convenience, but do not constitute endorsement of material on those sites or the relevant providers. © Class Pty Ltd 2024.
