Earlier this month, BGL advised its clients that the end of life for Simple Fund Desktop will be on 31 December 2022.
Directors have been warned that requirements to obtain a director ID also apply to resigned or deceased directors in some cases as the November deadline draws closer.
We are excited to announce another sensational Simple Fund 360 and Simple Invest 360 update! Check out the full release notes and join the conversation in the BGL Community.
BGL is proud to announce its Simple Fund 360 and Simple Invest 360 solutions are now integrated with the digital currency exchange platform, Digital Surge to automate cryptocurrency trading data.
The end of life for Simple Fund Desktop will be on 31 December 2022.
This is truly the end of an era...
Launched in 1997, Simple Fund Desktop changed the game when it came to SMSF administration, offering an alternative to completing calculations in Excel and very manual and cumbersome processing and report generation through general ledger software.
However, with a number of significant changes to superannuation law in 2021, BGL made the difficult decision not to implement these changes in Simple Fund Desktop. Instead, focusing its resources and development on its award-winning cloud solution, Simple Fund 360.
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What does this mean?
- Support and the ability to log support calls for Simple Fund Desktop will cease.
- Clients will no longer be able to renew their Simple Fund Desktop subscription.
- Clients will have access to Simple Fund Desktop until their subscription expiry date.
- Clients will still have access to the BGL Wiki until their subscription expiry date.
- BGL’s Client Success Team is here to assist clients with migration to Simple Fund 360.
What's next? Simple Fund 360!
Simple Fund 360 is the natural progression for Simple Fund Desktop clients. Migration is easy with our dedicated onboarding specialists and extensive resources and services available to help clients with their journey:
- Migration of all data and reports from Simple Fund Desktop to Simple Fund 360.
- Comprehensive learning resources to help clients get started.
- A support team to deliver technical product help when clients need it.
- A dedicated Account Manager to be clients’ go-to person at BGL.
To learn how easy it is to migrate from Simple Fund Desktop or if you would like to discuss these changes, please reach out to your Account Manager today.
An ATO Crypto Tax update, a BGL – XPM update, and one small change that can save your client from ASIC fines.
Crypto Accountants felt the adrenaline pumping through them on Monday morning as the ATO provided further guidance on airdrops and how these should be handled from a tax perspective.
Airdrops are used as a way for adoption of a token to increase through a group of users by providing them with ‘free’ tokens. Think of it as a form of marketing. If the token is part of an existing project then the recipient needs to consider the token as income and declare it using the market value at that time.
The change now is that for brand new tokens, or “initial allocations”, these airdrops do not need to be considered as income at the time they are received and are to be recorded with a zero dollar cost base. The rationalisation being that since it is an initial allocation, there is no ‘market value’ that can be attributed.
I’m not an accountant and don’t pretend to play one on the internet, so make sure you speak to your local professional before making any crazy tax decisions!
Another three week cycle, another release for the combined Simple Fund 360 / Simple Invest 360 teams with the headline item being the new integration feature.
The new “Practice Management Version 2.0” gives you a huge amount of flexibility when it comes to connecting integration between Simple Fund 360, Simple Invest 360, CAS360 and your chosen Practice Management solution. Hate duplicates? So do we! You can now choose if you want to sync your data one-way, two-way or for the control freaks detail oriented: manual sync.
Probably no surprise that this hint relates to integration: Turn on your Simple Fund 360 integration with CAS 360 to sync any changes made to corporate trustees. This will generate a notification for you in CAS 360 to then prepare the associated ASIC form – never be caught off guard ever again and help your client to avoid ASIC fines!
Ensure your client/contact data is always in sync with the BGL + XPM integration!
We have released Version 2 of the integration between the BGL Suite (which includes CAS 360, Simple Fund 360 and Simple Invest 360) and Xero Practice Manager (XPM). This new and improved two-way integration allows firms to efficiently manage client and contact data across the four applications in a single database! With features such as:
- Real-time client and contact synchronisation
- Prompts to review a client/contact before synchronising
- Notification of duplicate client/contacts
- Ability to add clients/contacts in bulk
- Ability to view client/contact relationships and change history
- A dedicated screen to view and filter the integrated client list
Plus, when client/contact details are changed in any app, CAS 360 will prompt clients to prepare all the relevant compliance documents and forms for lodgment with ASIC.
Corporate Actions: The following mergers have been added to Corporate Actions:
The Alphabet (GOOG.NDQ/GOOGL.NDQ) 1-20 Share Split is also now supported.
Entity Dashboard: Labels have been added to the Entity Dashboard. These are displayed next to the Financial Year.
Contacts: A Find Matches function has been added to the Contacts screen, allowing clients to view any contacts with matching names for simplified management (Learn More).
Exclusive to Simple Fund 360
BGL's SMSF administration software solution
Fund Dashboard: A new Members panel has been added to the Fund Dashboard to provide a snapshot of all members in an SMSF including a breakdown of member balances and pension cap limits (Learn More).
New Documents: 2 new SMSF documents are now available via PAYG or a subscription with our document partner, Smarter SMSF. Click here to learn more about the documents available via Smarter SMSF.
SuperStream Dashboard: A new Superstream Contribution Report is now available on the Superstream Contribution tab in Simple Fund 360 to provide easier access to contribution data.
Plus, the Superstream Contribution tab will display the last update date and a sum total for all members.
Exclusive to Simple Invest 360
BGL's investment portfolio management software solution
Reports: Clients now have the ability to add any liability account to the Notes to the Financial Statements. This is controlled by the badge setting (Learn More).
Want to learn more about BGL’s end-to-end investment portfolio solution, Simple Invest 360? Attend our live Discovery Webinar with Simple Invest 360 Product Manager, Andrew Paszko on Tuesday, 13 September at 11:00 AEST. Register Now!
Plus, many more new features and improvements. Don’t forget to check out the full release notes and join the conversation on the BGL Community. Previous months’ 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 is proud to again be the recipient of the SMSF Adviser Software Provider of the Year award. Simple Fund 360 software uses sophisticated artificial intelligence (AI) powered technologies for smart data capture, categorisation and review.