Class expands property valuations capability in | Australian Markets

Class has added a vary of new property compliance options to its wealth accounting and SMSF administration platform, together with instruments to streamline property valuations and title searches.

The platform enhancements promise deeper insights for purchasers and higher assist for auditors in their assessments.

The characteristic set is enabled via new software program integrations with Australian property information suppliers, InfoTrack and PropTrack, in addition to the info exchange partnership with CoreLogic.

Among the enhancements embody:

• Expanded property title searches and certificates– Enabled via a new InfoTrack information integration, customers can entry nationwide property title searches and certificates, promising a “faster and more reliable way to verify property ownership”.
• Automated residential property valuations– Through a new PropTrack integration, customers can now entry residential property valuations information past CoreLogic, enhanced with retrospective valuation capabilities (together with gross sales comparisons and property dimensions), straight from the Class platform.

Class chief govt Tim Steele mentioned the capabilities would cut back guide processing and supply accountants with real-time entry to trusted property information.

“Given resource costs and constraints, our clients rightfully continue to demand more from their technology partners. Class is committed to delivering innovative cloud-based solutions that simplify workflows, enhance compliance and deliver greater value for financial professionals.”

The enhancements additionally align with audit steerage issued by the Australian Taxation Office (ATO), which emphasises the need for annual title searches to confirm SMSF property possession.

Data from the Class Benchmark Report 2024 reveals the more and more central position that property investments play within SMSF traders’ asset combine.

Direct property makes up 21% of Class SMSF property, the second largest asset class by worth after Australian listed shares, information from the reveals.

Almost one-third of Class SMSFs (30.2% as at 30 June 2024) invest in direct property, with 63.6% of these invested in industrial property and 36.4% invested in residential property.

Class’s cloud-based accounting and SMSF administration software program boasts more than 184,000 SMSFs and 345,000 members. The platform provides trust accounting, portfolio management, legal documentation and company compliance options.