Q4 2024 Enhancements

Over the past quarter, we’ve introduced several enhancements to our Class and NowInfinity products, all designed to empower accountants, administrators, and financial professionals.

Class Product Enhancements

• Streamlining SMSF Administration with Direct-Connect Feeds: In September, we introduced support for Macquarie Cash Management Account (CMA) Direct-Connect Document Feeds.  This allows secure storage of tagged documents in the Class Document Management System (DMS), simplifying SMSF document handling and compliance.  For a detailed walkthrough, refer to our knowledge base with this link.
• Enhanced Reporting for SMSFs: October brought the Trust Income Schedule Report, offering a clear and reconciled view of distribution income components for each holding. This update ensures greater accuracy in SMSF reporting.
• Innovative Solutions for Property Valuations and Lending:
  • In November, we integrated with PropTrack, providing retrospective valuation estimates, a valuable tool for SMSFs holding property assets.
  • Our partnership with Canni Money gives practices a lending solutions dashboard, streamlining SMSF-related loan applications and opportunities.

NowInfinity Product Enhancements

Simplified Corporate Compliance with Enhanced Documentation:

• In September, we updated our pension-related document suite, removing witnessing requirements and enabling electronic signing. These updates make it easier to manage compliance for SMSF trustees.
• The Corporate Messenger now features a notes icon for quick access to company-specific notes.
• Improved SMSF Compliance with Address Validation: October’s update aligned our forms with ASIC’s new address validation rules, ensuring smooth submissions and reducing the risk of errors.
• New Pension Packages for SMSFs:
  • November saw the launch of the Pension Commencement Package, tailored for Account Based Pensions (ABP) and Transition to Retirement Income Streams (TRIS).
  • The Annual Pension Payment Package simplifies the administration of ongoing pension payments, including ABPs, TRIS, and Market Linked Pensions.

To view all the recent enhancements visit the Class Help Centre or NowInfinity Support pages.