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December 2021

Simple Fund 360 New Features webinar recap with Alissa Haralambopoulos!

By New Features Recap, Simple Fund 360, Simple Invest 360No Comments

What a way to wrap up a huge year with another release from the fabulous Simple Fund 360 and Simple Invest 360 teams!

Simple Fund 360 New Features Webinar recap with BGL’s Product Advocate, Alissa Haralambopoulos!

The release webinar was presented on Tuesday 14th December, by Bradley Wilkinson, however in case you missed it, check out a brief recap below: 

Our new BGLSF360 ESA is well and truly up and running, with over 27,000 funds using the new ESA, if you are looking for any tips or tricks be sure to check out the Webinars that were run in October, these cover a lot of the common Superstream questions and go through some processing tips. You can find these on the BGL YouTube channel.  

Still on the topic of Superstream, Brad covered some common problems & solutions, and touched on the following improvements that have been added. Firstly, the option to select your bank account for the SMSF using the details that are already saved in the software, a new improved Validation process, and when USI details are entered, the bank details are pre-filled. 

The next exciting new release is the improved Xero Tax Integration! Now whilst Simple Fund 360 has always had Xero integration, from 2021 onwards you can automatically send the tax data to Xero Practice Manager. Simply validate the return (always recommended), then hit Xero Connect, this will prompt you to log in to your Xero account, and once this is done you can find the return under the Tax tab. 

The team have also added two new feeds, Xplore Wrap, and AustAsia Financial Planning under the Contract notes/Share Data pack. They have also rolled out some changes to the set up of the wrap feeds, now allowing you to link holding accounts to feeds, which also enables you to change the way the Investment Summary report is displayed, by grouping the assets into portfolios. 

Also on the topic of Reports, there has been a bit of tweak to the Index report, which will no longer list ‘failed reports’ in the list of reports shown. 

With the recent introduction of Director ID, the field has been added to Simple Fund 360 so you can capture this information there too. However, if you need to download a list, you can now export your contact list to a CSV file.  

Lastly, on the Entity Workflow screen, a new filter has been added so you can now filter by GST Registered Status and see all funds that are either registered or not registered. 

Moving onto Simple Invest 360, there have been a few new additions to the product. The first is the Revaluation Reserve that has been added for Companies and Individuals, the second is that Tax Instalments paid during the year will now show up on the Taxable Income Calculation, and lastly when processing a distribution for a trust you now can distribute either the taxable income or accounting income. 

If all of that wasn’t enough, we already have a bit of a teaser for what’s to come next year! Top of the list is the ability to also add broker details to the new reporting options, allowing you to display reports by a broker, more Superstream improvements, and a new and improved Document Screen! 

We wish you all the best for the holiday season and look forward to working with you all in 2022! 

If you would like you can watch the webinar below:

Simple Fund 360 / Simple Invest 360 Updates – December 2021

By BGL Update, Simple Fund 360, Simple Invest 360No Comments

We are excited to announce the last Simple Fund 360 and Simple Invest 360 updates for 2021!

You can learn what’s new at our New Features Webinar on Tuesday 14 December 2021 from 11:00 – 11:45 AEDT. Register Now >>> 

And the full release notes can be found on the BGL Community >>>

What's new?

Corporate Actions: Simple Fund and Simple Invest 360 now support 14 new corporate actions.

New Data Feed: A new broker data feed has been added to the BGL Share Data Pack for AustAsia Financial Planning.

Director ID: The Australian Director ID field (added to the software last month) can now be exported using the new Contact List CSV export function.

Exclusive to Simple Fund 360

Report Improvements: Several improvements have been made to the Reports screen. The Reports Index will now exclude failed reports as part of a report pack. Plus, a new binding/non-binding field has been added to the Binding Death Benefit Nomination Form.

SuperStream Improvements: The product team continue to improve SuperStream Rollovers validations including improved Members names, Receiving Fund / Transferring Fund names and Death Benefit details. Plus, a new warning to notify clients if the new BGLSF360 ESA has been added to the Fund Details screen without first being registered.

Exclusive to Simple Invest 360

Report Improvements: The General Ledger Audit View reporting setting can now be filtered by Account Type. Plus, the Statement of Financial Position Net Assets section will now display when Net Assets is zero.

Company Tax Reconciliation: 3 new tax labels have been added to Company Tax Reconciliation Report:

  • 7 – Reconciliation to taxable income or loss (total profit or loss amount shown at 6T)
  • 8P – Opening franking account balance
  • 8M – Closing franking account balance

Plus, many more features and improvements. Don’t forget to check out the full release notes on the BGL Community >>>

Previous release notes can be found below:

Check out our Resources Hub!

We provide Simple Fund 360 and Simple Invest 360 users with a myriad of resources and services which can be found in the Resources Hub. The Resources Hub provides practical stuff to help you in your Simple Fund 360 and Simple Invest 360 journey.

Visit Resources Hub >>>

BGL to launch CAS 360 in Hong Kong

By Accountants Daily, In the Media, News, Simple Fund 360No Comments

Published by Accountants Daily, powered by MOMENTUM MEDIA
Written by Miranda Brownlee on 9 December 2021
Click here to read on Accountants Daily website

BGL to launch CAS 360 in Hong Kong

Software firm BGL Corporate Solutions is set to launch its corporate compliance solution, CAS 360, in Hong Kong in the second quarter of next year.

While the desktop version of CAS has been available in Hong Kong since 2000, BGL’s managing director, Ron Lesh, said BGL’s clients have been waiting to see when CAS 360 will be available in Hong Kong.

Mr Lesh explained that CAS 360 will prepare all the forms, minutes/resolutions, registers and other documents required for the annual return and common changes made by Hong Kong companies.

CAS 360 is already available in New Zealand, and in BETA in Singapore.

“I’m excited we can bring this sensational software to Hong Kong in mid-2022. CAS 360 will streamline our client’s processes with innovative and unique technology,” said Mr Lesh.

“CAS 360 is the complete package and will provide the same incredible efficiencies for our Hong Kong clients as it does for [over] 600,000 companies in other jurisdictions.”

Limited number of ESA providers creating difficulties for SMSFs

By In the Media, News, Simple Fund 360, SMSF AdviserNo Comments

Published by SMSF Adviser, powered by MOMENTUM MEDIA
Written by Miranda Brownlee on 8 December 2021
Click here to read on SMSF Adviser website

Limited number of ESA providers creating difficulties for SMSFs

The small number of SMSF messaging providers currently offering rollover services is creating challenges for SMSFs in some instances as funds attempt to comply with the new SuperStream standards.

Speaking in a recent podcast, BGL head of Simple Fund 360 product Matt Crofts explained that while the latest SuperStream measures for rollovers and release authorities will result in a more standardised and streamlined system, one of the challenges being encountered by some SMSFs is the fact that many institutions are no longer SuperStream providers.

Under the new standards, SMSFs are required to get an electronic service address (ESA) from an SMSF messaging provider or SMSF intermediary in order to receive SuperStream data.

Mr Crofts explained that SMSFs need to ensure that the ESA provider can support rollovers for SMSFs.

With the newest SuperStream standards requiring an 18-month software build for BGL, this latest version of SuperStream, he said, has seen many institutions drop out as SuperStream providers.

“When SuperStream first started, which is going back around five or six years ago, there were close to almost 40 SuperStream providers and slowly they’ve realised its a tough game to be in terms of compliance and keeping up to date [with everything] and there’s very little way to charge for that,” Mr Crofts explained.

“I think around half the providers that were in there dropped out … and this latest round of SuperStream requirements were huge so it may have halved again.

“[In some cases], people are not aware of them dropping out or they’re not receiving correspondence because some of that correspondence might be going to the trustee and not the accountant who are really the ones initiating a lot of the rollovers.”

Speaking in the same podcast, Smarter SMSF chief executive Aaron Dunn said becoming a SuperStream provider was initially a more enticing business model because it was mainly dealing with inflows into an industry in the form of contributions.

“So, financial institutions were more than accommodating to be able to put these things in place because it meant they were getting cash flows into their cash accounts,” said Mr Dunn.

The landscape is now very different, however, said Mr Dunn, especially given the level of development required for the latest version of SuperStream.

“I’ve seen discussions on the notion of people going to look for an ESA and trying to find a free ESA so they can do things [but] those days are arguably over,” he said.

This leaves the major SMSF software companies such as BGL, Class and SuperMate as the only ESA messaging providers on the ATO register that can currently provide SuperStream rollover services for SMSFs, with Australia Post still working on finalising its offer.

DBA Lawyers director Daniel Butler said this poses an issue for SMSFs that are not on these software platforms, as they are unable to undertake a rollover that is compliant with SuperStream.

“The ATO’s position is that unless the SuperStream rollover process is followed, a significant administrative penalty (currently $4,400 per trustee) may be imposed, the fund may be rendered non-complying and auditors are encouraged to lodge an auditor contravention report to the ATO, which may give rise to costs and inconvenience,” explained Mr Butler.

“In short, there is currently no workaround to the SuperStream system and significant penalties and risks for those funds that seek to bypass the system.”

This is creating a “very difficult situation” for numerous SMSFs who have pressing needs to complete SMSF to SMSF rollovers, said Mr Butler.

“I am aware of several SMSFs, for instance, that need to settle on property and investment acquisitions who stand to lose considerable sums and costs for failing to settle on time. Some of these funds are now having to consider other alternatives like limited recourse borrowing arrangements to make sure they are not at risk,” he explained.

Mr Butler noted that the ATO may however look to take a practical approach and not enforce compliance until there are more ESA providers.

BGL announces the launch of CAS 360 Hong Kong

By BGL Update, CAS 360No Comments

BGL is proud to announce the highly anticipated launch of its corporate compliance solution, CAS 360 in Hong Kong. 

“BGL has had a presence with our CAS Desktop software in Hong Kong since 2000” said Ron Lesh, BGL’s Managing Director. “Our clients have been hanging out for information on when CAS 360 will be available to them in Hong Kong so I’m proud that we can today announce this will be Quarter 2, 2022.”

“The CAS 360 team has been working tirelessly to build CAS 360 for multiple jurisdictions” added Lesh. “We have released New Zealand, are in BETA in Singapore and next off the rank is Hong Kong. I’m excited we can bring this sensational software to Hong Kong in mid-2022. CAS 360 will streamline our client’s processes with innovative and unique technology. It will save them heaps of time so they can focus on their many, many other responsibilities.”

“CAS 360 will prepare all the forms, minutes / resolutions, registers and other documents required for the annual return and common changes made by Hong Kong companies” noted Lesh. “CAS 360 is the complete package and will provide the same incredible efficiencies for our Hong Kong clients as it does for 600,000+ companies in other jurisdictions”. 

To register your interest in CAS 360 Hong Kong, please visit 

We have an endemic of leadership in this country

By Culture, Industry, Tramma Time, WellnessNo Comments

We have an endemic of leadership in this country. The biggest threat to our nation and people is not the virus. It is in fact many of our leaders.

As a 1st generation migrant, I was so proud to call this country home. So proud when I traveled overseas to boast about the beauty of our landscape, freedoms and wonderful opportunities available to all. Friends and family would engage with me with a sense of envy of the beautiful country of Australia.

Today I am not so proud. Today I am disappointed that the fabric which once distinguished our very country from the rest of the world has been torn apart.

In my VIEW, the deterioration of our society across this nation is directly attributed to our leaders. Many of our leaders have forgotten that their purpose is to serve the people. To set the stage, creating a society that is united and overflowing with opportunity. A society that is inclusive, considerate and respectful. One where differing views are accommodated, respectfully discussed, and embraced. One where an individual is not mocked or shamed for communicating a deeply held belief.

Instead, many of our leaders have caused a deeply divided Australia. One where people’s choices have been eroded and mandates have been forced. Compliance has been heralded and bragged about as great leadership. I instead view it as an abuse of power and coercion to force outcomes. People forced to make a choice between putting food on the table and or going without, is not a choice. For some, it may be, but for many, it’s about dignity, provision and survival.

Consider the recent protests in Melbourne where those who attended branded extremists. A small % may well be, the majority however are not. They are normal everyday Victorians who are appealing to the tone-deafness of our leaders. What I can not believe is the government officials not presenting themselves before the people to hear their cries and address their needs. Instead, with arrogance and contempt, they press on because the preservation of their pride and the need to be right is far more important than doing the right thing for the people.

Countless decisions by many of our leaders and their behaviors leave much to be desired. For many in power, their experience and qualifications (huge lack of) to hold a position has me questioning the validity and competence of those elected to run a proper economy, education and health system. Let me ask a question, would you let an accountant perform a knee reconstruction? Absolutely not. The reality is, many of our leaders are elected on personality, popularity, spin and how big their budgets are to run good campaigns. Being friends with those in power also seems to be an important checkbox to be ticked when assessing the suitability of a candidate. Very obvious is the fact that qualifications and experience are not part of the recruitment equation.

We need an overhaul of leadership in this country.

We need people to step up who are competent, qualified and most importantly invested in this great country and its people.

People who will push aside the narrative, take a stance and truly represent the people that trust them to lead.

3-day time frame for SuperStream still proving challenging

By In the Media, News, Simple Fund 360, SMSF AdviserNo Comments

Published by SMSF Adviser, powered by MOMENTUM MEDIA
Written by Miranda Brownlee on 3 December 2021
Click here to read on SMSF Adviser website

3-day time frame for SuperStream still proving challenging

The three-day turnaround required for SMSF rollovers under the SuperStream requirements is still proving difficult, with around only 20 per cent of rollovers estimated to be currently meeting the time frame.

From 1 October this year, SuperStream became mandatory for all SMSFs to roll over super to and from their funds. The new standards require a trustee to roll over or transfer an amount no later than three business days after the trustee received the rollover or transfer request or if the trustee requires further information, the date the trustee receives that information.

BGL head of the Simple Fund 360 product Matt Crofts said complying with the three-business-day time frame has been a challenge for SMSF trustees and APRA-regulated funds as well, with a straw poll undertaken by BGL revealing that the majority of rollovers are currently not meeting the three-business-day turnaround.

“We just did a straw poll and we know that there are only around 20 per cent meeting that three-day turnaround at the moment. There’s been some good ones that have turned around in 48 hours which is fantastic but […] looking at the data, the vast majority, around 40 to 50 per cent, are coming through within a seven-day time frame,” said Mr Crofts in a recent SMSF Adviser Show podcast.

“I think as we get used to the system and used to the new process, I think that’ll improve.”

Mr Crofts also stressed that if the trustee doesn’t have all the information, then they only need to respond back within the three days.

“You might be missing information so as long as you’re communicating back and forth with the APRA fund, if its APRA or SMSF, if its SMSF to SMSF, then as long as you’re reaching out and making contact, that [meets] the strict definition of three days,” he explained.

He also highlighted the importance of having automated feeds with bank and wrap services in trying to meet the three-day time frame.

“You’re going to have a greater chance of being able to meet that requirement because you’ve got all the transactions there, so even if you don’t have all the information, it’s going to be a quicker turnaround [than] if you haven’t got any bank statements in front of you and you’ve got to scramble to get all that information,” he said.

He also stressed the importance of accountants and advisers communicating with each other through the process.

“If you’ve got a planner involved in the process, make them aware of what the software needs,” said Mr Crofts.

“[For example], one of the issues when you roll across to an APRA fund is that you’ve got to have the correct USI, the identifier for the APRA fund, so you may need to give them a checklist or give them access to the software.

“It’s also communicating to the trustee that if they’re going to get any queries from the APRA fund or from the accountant [that they need] to properly communicate that.”

SuperStream – Navigating SMSF rollovers

By In the Media, News, Simple Fund 360, SMSF AdviserNo Comments

Published by SMSF Adviser, powered by MOMENTUM MEDIA
Written by Robyn Tongol on 1 December 2021
Click here to read on SMSF Adviser website

Navigating SMSF rollovers under SuperStream

With the SuperStream measures now in place, SMSF professionals play an important role in helping clients manage some of the practical issues with rollovers, such as timing.

Following the introduction of the SuperStream measures on 1 October 2021, release authorities and rollovers to and from SMSFs are now required to comply with new data and payment standards. With these changes bringing new challenges to the SMSF sector, hosts Aaron Dunn and Miranda Brownlee ask Matt Crofts, head of Simple Fund 360 at BGL, to share some key insights from a software perspective on what practitioners need to be aware of.

Listen now!

Innovation starts by listening to your customers

By BGL UpdateNo Comments

Foundstone Conversations Podcast

Real-world strategy conversations with organisation & industry leaders about their latest challenges, learnings & insights.

Innovation starts by listening to your customers with Ron Lesh

In this episode of Foundstone Conversations, host Andrew Bird talks to Ron Lesh, Founder and Managing Director of BGL Corporate Solutions, about why listening to our customers is important for any business.

Having decades of experience under his belt, Ron also shares about common mistakes made by young businesses as well as other insights he’s observed over the years.

Tune into this episode to learn about how customer feedback is key to better innovation and customer relationships!

Apple Podcasts: