SMSF administration software provider Class Financial Systems has included a new automated property valuation capability for its industry application, Class Super.
The new facility has been developed in conjunction with property valuation specialist RP Data and has been provided at no extra cost to Class’s existing clients.
“The launch of automated property valuations, along with our broader property valuation console capabilities, is in direct response to the SMSF sector’s increased interest in direct property and release of the ATO’s (Australian Taxation Office’s) Valuation Guidelines for SMSFs. This feature, among other things, supports the annual valuation requirements stipulated by the ATO for the 2013 financial year onward,” Class Super chief executive Rajarshi Ray said.
To further enhance the offering, Class will follow up today’s launch with additional functionality in the coming months.
This would include provision of depreciation schedules, title searches and other property-related features, Ray said.
Class Super already has automated corporate actions and actuarial certificates built into the system.
RP Data recognised the importance of the new functionality due to the popularity of property as an asset class within SMSF portfolios.
“Property represents 15 per cent of SMSF assets and this innovative integration will assist with managing this significant portion of SMSF wealth. It will allow trustees to meet their compliance obligations with ease and we believe this will be a major advantage to Class Super users,” RP Data chief executive Graham Mirabito said.
SMSF administration service provider Heffron said it believed the inclusion would provide significant cost savings to the sector.
“Market value reporting for property assets has always been a bit of a nuisance – firstly because trustees need help in meeting legal obligations without going to great expense and secondly [because] we have to keep track of which assets have been revalued. This latest service from Class will help us with both problems, and the fact that they are doing it at no cost to the user, and therefore the end members, is fantastic,” Heffron head of technical services Meg Heffron said.
