Class Trust adds lodgment functionalityBY JAMIE WILLIAMSON | FRIDAY, 6 MAY 2022 12:32PM
Read more: Class Trust, Electronic Trust Lodgment, Jason Wilson, ATO
The SMSF software provider is set to release an Electronic Trust Lodgment functionality as part of Class Trust, removing the need for manual lodging of tax returns.
Class said the addition of the functionality will reduce manual processes and the time involved in lodgment, providing an end-to-end solution ahead of tax season.
It's currently undergoing verification with the ATO, but will include automated pre-fill, detailed tax reconciliation, instant validation, and one-click validation.
"Manually lodging tax returns for each of your firm's trust clients can be a time consuming and laborious process," Class chief customer officer Jason Wilson said.
"We're now giving you that time back with electronic tax lodgment, the latest capability now added to your Class Trust Tax accounting features."
Class is now administering for more than 185,000 entities on behalf of about 1600 firms, it said.
"Our north star is to ensure the satisfaction of our users. As a result, we not only want to provide exceptional trust accounting and administration management software, but we also want to help customers extract maximum value in automating what can often be repetitive tasks," Wilson said.
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