According to the Class Benchmark Report 2024, direct property accounts for 21 per cent of Class SMSF assets, the second-largest asset class by value after Australian listed shares. Additionally, almost one in three Class SMSFs (30.2 per cent as at 30 June 2024) invest in direct property, with 63.6 per cent of those invested in commercial property and 36.4 per cent invested in residential property.

The Class property feature enhancements enable accountants to save on competitively priced title searches while also accessing historical valuations and nationwide reports that include sales comparisons and property dimensions to deliver deeper insights for clients while also supporting auditors in their assessments.

The Australian Taxation Office (ATO) has previously issued audit guidance highlighting the importance of annual title searches to verify SMSF property ownership and to ensure that no charges, such as second mortgages or finance, exist over SMSF property assets.

Additionally, a recent court ruling found council rates notices, bank loan statements, and rental statements were not sufficient to prove property ownership and that a title search is the only definitive way to verify property ownership.

The newly released enhancements include expanded property title searches and certificates and automated residential property valuations.

Class chief executive Tim Steele said these capabilities enable productivity by reducing manual processes and delivering accountants real-time access to trusted property data.

“Given resource costs and constraints, our clients rightfully continue to demand more from their technology partners,” Steele said.

“Class is committed to delivering innovative cloud-based solutions that simplify workflows, enhance compliance and deliver greater value for financial professionals.”

These enhancements follow the release of direct registry connections to Australia’s largest share registries and are industry-first, directly sourced document feeds from major financial institutions.