Class expands property valuations capability in platform

Class has added a range of new property compliance features to its wealth accounting and SMSF administration platform, including tools to streamline property valuations and title searches.

The platform enhancements promise deeper insights for clients and greater support for auditors in their assessments.

The feature set is enabled through new software integrations with Australian property data providers, InfoTrack and PropTrack, in addition to the data exchange partnership with CoreLogic.

Among the enhancements include:

• Expanded property title searches and certificates– Enabled through a new InfoTrack data integration, users can access 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, users can now access residential property valuations data beyond CoreLogic, enhanced with retrospective valuation capabilities (including sales comparisons and property dimensions), directly from the Class platform.

Class chief executive Tim Steele said the capabilities would reduce manual processing and provide accountants with real-time access to trusted property data.

“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 also align with audit guidance issued by the Australian Taxation Office (ATO), which emphasises the need for annual title searches to verify SMSF property ownership.

Data from the Class Benchmark Report 2024 shows the increasingly central role that property investments play within SMSF investors’ asset mix.

Direct property makes up 21% of Class SMSF assets, the second largest asset class by value after Australian listed shares, data from the shows.

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

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