BGL is excited to the release of the first stage of the 2016/17 Superannuation Reforms, giving clients the ability to quickly and easily process Cost Base Resets under the new CGT Relief provisions.
This functionality is now available in Simple Fund 360, BGL’s market leading cloud solution, and will be released in BGL’s Simple Fund Desktop software in coming weeks.
SMSFs can get CGT relief from future capital gains where fund members need to comply with the new transfer balance cap and Transition to Retirement Income Stream (TRIS) reforms commencing on 1 July 2017. CGT relief preserves the previous exemption for accrued, but not yet realised, capital gains for members in pension mode.
“We have tried to make something really complex really simple for our clients “said BGL’s Managing Director Ron Lesh. “The new functionality will allow Simple Fund 360 users to analyse the assets of the fund, select which assets to reset the cost base, select whether or not the capital gains are to be deferred and generate the necessary CGT Transactions, in one simple process”.
“Simple Fund 360’s Big Data Analytical Insights allows clients to quickly and easily determine which funds are affected by the reforms” added Lesh. “The work we have done with Big Data just continues to help our clients manage their SMSFs more efficiently and effectively.”
“But it all comes back to automation” says Lesh. “Simple Fund 360 automation really does reflect generational change. Using the power of Amazon Web Services, the cloud and BGL SmartPost II technology, Simple Fund 360 is able to provide industry leading automation that really makes the others look silly. Why would SMSF administrators possibly want to manually process a dividend or distribution received by a fund when good software does it automatically?”
“BGL is first to market with these changes demonstrating again why we are Australia’s leading supplier of SMSF administration solutions” concluded Lesh.
BGL will release software for the next stage of the 2016/17 Superannuation Reforms as well as the 2017 SMSF Annual Return before 1 July 2017.