Class launches bulk pension commutation tool

Class has introduced a bulk pension commutation tool ahead of the superannuation reforms set to come into play on July 1, which will have significant impacts for self-managed super fund (SMSF) administrators and accountants.

The bulk computation had been designed to assist with quick and easy commutation of pensions to the accumulation phase, and assist SMSF-holders affected by the $1.6 million transfer balance cap.

Class chief executive, Kevin Bungard, said the pre-processed documentation and automatic distribution of funds across pensions would be a positive step forwards.

“[It’s] automating the tedious and time consuming parts of complying with the super reforms,” he said.

As part of super-reform related offerings, Class would also launch a capital gains tax (CGT) relief report for proportionate funds to determine qualifiers for CGT relief under the cap, as well as a new member console filter.



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