Class has released a major update, including capital gains tax (CGT) relief applications and the recording of pension transactions for the $1.6 million transfer balance cap reporting, ahead of the substantial superannuation changes commencing on 1 July.
The CGT relief applications allow accountants administering SMSFs to easily compile and submit the required data to the ATO for transitional CGT relief and automatically produce the required minutes for the fund.
Class chief executive Kevin Bungard said the cloud SMSF administration software provider was able to streamline one of the most complex parts of the super reform changes.
“Class Super automatically calculates the deferred notional capital gain until the assets are sold,” Bungard said.
In addition, changes have been made to Class Super to collect critical data on pension establishment and commutation required for compliance with the new $1.6 million transfer balance cap.
SMSFs with a retirement-phase pension will need to begin prompt reporting of many pension transactions from 1 July 2018 at the latest to allow the ATO to track compliance with the cap.
“The ATO has made it clear that events like pension commutations should be recorded as such at the time they are made,” Bungard warned.
Class has also updated the classifications of employer super contributions to enable SMSFs to take advantage of the First Home Super Savers Scheme, which was announced in the 2017 federal budget.