SMSF software provider Class has introduced an automated tax statement system that aggregates underlying tax statement data for directly held securities and generates individual tax statements for each security, as well as being able to process them in bulk.
Class said the new Tax Statement Automation solution was designed to circumvent the time-consuming and skill-intensive process of creating tax statements, which “has been an ongoing source of frustration for accountants and administrators”.
“Manually entering data makes the process prone to errors, and the poor availability and quality of underlying tax statement data often causes delays in lodgements and, as a result, tax refunds for SMSF pensions,” the administration provider said.
The firm’s new solution, which is available in both Class Super and Class Portfolio, would provide accountants and administrators with a tax statement console to manage the automated processing of statements, as well as the underlying tax statement data for a large majority of directly held securities.
According to Class, accountants and administrators can use the console to view a list of all tax statements that require processing, including status and actions required, and generate statements as required.
Class acting chief executive Glenn Day said the system solved a “long-standing challenge” for accountants and administrators and brought together manual and complex processes to support and create business efficiencies for its clients.