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Important Compliance Update for Simple Fund 360

We are excited to announce another update to Simple Fund 360 and Simple Invest 360, which includes an important compliance update for Simple Fund 360.

You can learn what’s new from our experienced Compliance Manager, Anthony Fernandez, at our New Features Webinar on Tuesday 4 May 2021 at 11:30 AEST.  Register Now >>>

Plus, check out the full release notes in the BGL Community >>>

Transfer Balance Cap (TBC) Indexation

This month, we’ve implemented some essential compliance changes for the Personal Transfer Balance Cap Indexation changes.

Before 1 July 2021, all individuals have a transfer balance cap of $1.6 million. From 1 July 2021, all Individuals will have a personal transfer balance cap between $1.6 million and $1.7 million. If you had a transfer balance account before 1 July 2021, your personal transfer balance cap will be:
  • $1.6 million if, at any time between 1 July 2017 and 30 June 2021, the balance of that account was $1.6 million or more
  • between $1.6 and $1.7 million in all other cases, based on the highest ever balance of your transfer balance account.

Simple Fund 360 is the first SMSF administration solution to help you implement these new compliance requirements.

All member screens, dashboards, reports/declarations and close period routines have been updated to help you manage the new Personal Transfer Balance Cap requirements. Simple Fund 360 will also provide reminders and warnings when preparing Pension events that influence a client’s cap – helping you and your team to manage the increased complexity of personal transfer balance cap indexation.

Learn More

To learn more about these important changes, join our experienced Compliance Manager, Anthony Fernandez, for our free, live New Features Webinar on Tuesday, 4 May 2021 at 11:30 AESTRegister Now >>>

For our Simple Invest 360 Beta clients, we’ve advanced our tax calculations and reports to include Individual Taxpayers, giving you the ability to prepare accounts, run tax reports and maintain accurate CGT records for Individuals.

To learn more about our Simple Invest 360 Investment Portfolio software solution, click here to register your interest >>>

More Enhancements

Over 20 other improvements have been made to our Simple Fund 360 and Simple Invest 360 software solutions, including new data feeds, new corporate actions and numerous clients request report enhancements. Click here to see a list of improvements >>>

Matthew Crofts

Author Matthew Crofts

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