BGL does not agree that the SMSF industry is likely to commence events-based reporting later than APRA-regulated super funds.
This just seems to be another opportunity for the large funds to “have a go” at SMSFs when really it is the large funds whom seem to have continuing “problems” with their technology base.
“Our clients records whether they are using Simple Fund 360, BGL’s market leading cloud SMSF solution, or Simple Fund Desktop are in impeccable condition. The suggestion they are not is just ludicrous.” says BGL Managing Director Ron Lesh.
BGL clients have been accurately reporting SMSF data electronically to the ATO since 1997. “All the historical data needed for this new reporting requirements is readily available in the software” added Lesh.
“Our Simple Fund 360 clients are in a great position as they can report to their clients on 1 July each year” noted Lesh “This is months ahead of most APRA-regulated super funds”.
BGL is concerned however that clients using our Simple Fund Desktop software are going to find the new reporting requirements onerous. “These clients do not get the benefits of automation and the latest SMSF technology so I think it will be harder for them to comply” said Lesh. “The ATO has also said the new reporting will be part of the new PLS (Practitioner’s Lodgement Service) which is not supported in Simple Fund Desktop”.
“I find it interesting every time superannuation law changes, some of the platform providers and the large APRA funds think they are the only ones who will be able to comply” Lesh said. “History tells us they are usually the last, rather than the first, to get their systems in order. Wasn’t SuperStream delayed because several of the big APRA funds simply could not get their systems in order?”
BGL will progressively release software to clients to meet the ATO’s 2018/19 reporting schedule.