Efficiently Manage SMSF Audits Using Class Super

Introduction

This guide provides financial advisors and SMSF administrators using the HUB24 integrated financial platform with detailed instructions on efficiently managing Self-Managed Super Fund (SMSF) audits using Class Super's new features introduced in the fiscal year 2024 (FY24). By leveraging the audit console and direct registry connections provided by Class Super, users can streamline audit processes, reduce manual workload, and increase accuracy.

Overview of SMSF Audit Management with Class Super

Class Super, integrated with the HUB24 platform, offers advanced tools that simplify SMSF audit management. The new audit console feature allows administrators to easily track, manage, and submit funds for audits within a centralized interface. Additionally, direct connections to major share registries automate data retrieval and reconciliation, ensuring accuracy and saving time.

Getting Started with the Audit Console

To begin managing audits efficiently, access the Class Super audit console via your HUB24 platform dashboard. The console provides a consolidated view of all SMSF audit statuses, key deadlines, and submission histories.

1. Log in to your HUB24 platform account.
2. Navigate to the Class Super section and select the audit console.
3. Review the list of funds pending audit and their respective statuses.
4. Assign tasks or reminders to team members within the console as needed.
5. Submit funds for audit directly through the console interface.

Utilizing Direct Registry Connections

Class Super's integration with major share registries automates the retrieval and reconciliation of shareholding data, a critical component of the SMSF audit process. This reduces manual data entry errors and expedites audit readiness.

1. Ensure your SMSF accounts are linked to supported share registries within Class Super.
2. Verify automated data imports from registries through the audit console.
3. Reconcile any exceptions flagged by the system promptly to maintain data integrity.

Tips for Maximizing Efficiency

• Regularly update fund details to ensure smooth audit submissions.
• Use the console’s notifications and reminders to stay on top of audit deadlines.
• Engage with HUB24 support for advanced training or troubleshooting queries.
• Refer to the Class Super user manual for step-by-step guidance and feature updates.

Support and Additional Resources

For detailed procedures and latest updates, please consult the official Class Super user manual available within your HUB24 platform resources. If you require personalized assistance, contact the HUB24 support team who are ready to provide expert help and ensure your SMSF audit management runs smoothly.

Conclusion

By leveraging Class Super’s FY24 audit console and registry connections, financial professionals using HUB24 can significantly improve the efficiency and accuracy of SMSF audits. Embracing these tools aligns with HUB24’s commitment to innovation, technology investment, and simplifying complex financial processes to empower better financial futures for Australians.