As a part of the new Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2020 there will be 2 law changes taking effect on February 18 2021.
Ceasing last remaining Director
From 18 February 2021, companies will no longer be able to cease the last remaining director on ASIC records.
To enforce this, lodgements submitted using a Form 484 Change to company details, or Form 370 Notification by officeholder of resignation or retirement, to cease the last appointed director without replacing that appointment will be rejected.
There are some exceptions to this, including if:
- the last director is deceased
- the company is being wound up or under external administration; and
- the officeholder never consented to the appointment
Changes that you will see in CAS 360
CAS 360 already had a block on resigning the last remaining director via a form 484, a similar block will be added to the form 370.
We will also add new messaging alerting the users when they are trying to cease the last remaining director.
Director Late Lodgements
There are significant changes for late lodgements of director cessations.
From February 18 2021, if a director’s cessation date is notified to ASIC more than 28 days after the effective date then the effective date will be overridden and replaced with the lodgement date. Late fees still apply to the Change of company details form in this scenario.
John Smith is a director of ABC Industries Pty Ltd.
John Smith resigns as a director on 1 April 2020; however, the Form 484 is lodged to ASIC on 1 November 2020.
On ASIC’s records, the resignation date will be 1 November 2020. The standard late fees will still apply.
Changes that you will see in CAS 360
When lodging a document in CAS 360 that is going to receive a late fee.
CAS 360 will always alert you. A new warning will now appear of officer cessation transactions that are later that 28 days to advise the user that the cessation date will be replaced with the lodgement date.
GuestTrack started as an initiative by BGL to help our clients (Accountants) help their clients (Small Businesses) track guests in a COVID-19 environment. As industry leading software developers, GuestTrack was something we released quickly to relieve some stress for our community.
Today, GuestTrack is spectacular market leading guest check-in tool and as we now enter a new normal, we are introducing subscription options so we can recover some of our running costs. These changes come into affect for existing GuestTrack users on Monday 1 February 2021.
All current GuestTrack clients continue to receive a FREE subscription.
|Pricing||Free||$9 + GST per month||Contact Us||Free|
|Unlimited QR Codes||✔️||✔️||✔️||✔️|
|56 Day Data Retention||✔️||✔️||✔️||✔️|
|Email & SMS Notifications||❌||❌||✔️||❌|
|Phone, ID & Face Verification||❌||❌||✔️||❌|
|CRM, Booking & API Integration||❌||❌||✔️||❌|
|AI Analysis & Data Prediction||❌||❌||✔️||❌|
* To be eligible for the Not-for-profit GuestTrack Subscription, you must satisfy one of the following requirements: (1) Your registered email ends with .gov.au (2) Your organisation is listed on the ACNC.
BGL welcomes the release of the Rice Warner SMSF cost of operating an SMSF report prepared for the SMSF Association.
“It’s great to see a proper analysis of SMSF cost and return data” said BGL’s Managing Director, Ron Lesh. “And knowing the vast majority of the data came from BGL’s Simple Fund 360 clients makes me even more proud.”
“The report shows the cost of running an SMSF highlighting that larger balance SMSFs cost less to operate than any other type of superannuation fund or account” noted Lesh. “And for smaller balances, SMSFs are comparable with APRA regulated funds”
The report data was sourced from BGL’s Simple Fund 360 and Super Concepts SuperMate software. “It is great to see 2 industry software companies working with Rice Warner to provide the data required to prepare the report at no cost to the SMSFA” added Lesh. “It is unfortunate that not all industry software companies chose to participate”.
“The other data I also found fascinating was the table on Page 21 of the Report showing investment returns for the last 14 years “says Lesh. “From 2005 to 2018, for 9 of the 14 years returns shown in the table, SMSFs performed better than APRA regulated funds”
“Clearly this shows ASIC’s SMSFs are not for everyone flyer was absolute rubbish” stated Lesh. “I said this flyer was misleading and did not fairly represent the cost of running an SMSF. The Rice Warner report validates my statements and furthermore shows that SMSFs with a balance of less than $500,000 are clearly cost competitive with APRA funds dispelling statements made in the December 2018 Productivity Commission report”
SMSF software firm BGL has called on the Treasury to drop its proposed 45-day preparation requirement for SMSF accounts, with the SMSF industry having “already suffered through a year of extreme stress”.
BGL managing director Ron Lesh said the proposal to require SMSFs to prepare their financial statements 45 days before their lodgement date makes no sense and could lead to increased instances of backdating.
“I am trying to understand why this is necessary or where this has come from. It will not improve SMSF reporting, it will not improve SMSF audits, it will not improve SMSF annual return lodgements — so why has it been proposed?” Mr Lesh said.
“In fact, in my view, it could do the opposite. It could put SMSF trustees in a position where they need to backdate accounts — for no reason or benefit.”
Mr Lesh said the SMSF industry has made it clear that the change is unnecessary and that it will simply be an additional burden on SMSF trustees, administrators and auditors.
“I thought post-COVID-19 we were trying to cut unnecessary red tape rather than add more regulations to an already incredibly overregulated industry,” Mr Lesh continued.
“I hope Treasury is listening. A clear statement from Treasury or the government that this change will be dropped is needed now before it causes more angst in the SMSF industry that has already suffered through a year of extreme stress.”
BGL is one of the latest firms to slam the measure, with the accounting bodies and associations such as The Tax Institute and the SMSF Association all expressing concern about the proposed reporting requirement.
“The proposed amendment will achieve nothing beyond forcing the preparation of SMSF accounts into a tighter time frame which will place additional pressure on accountants and those assisting SMSFs in the preparation of their accounts,” The Tax Institute said in its submission.
“Around 99 per cent of SMSFs use a tax agent to lodge their annual return, and tax agents cannot afford to lose 45 days out of their schedule to prepare SMSF accounts earlier in order to meet the proposed requirement.”
In June 2020, BGL Corporate Solutions, Australia’s leading supplier of SMSF administration and ASIC corporate compliance solutions, launched GuestTrack – a free QR code driven, browser-based application to help businesses collect and store guest data.
“GuestTrack makes it really easy for businesses and organisations of all shapes and sizes to keep a secure, digital visitors log” said BGL’s Managing Director, Ron Lesh. “This app is fast and easy for guests to use therefore providing a sensational customer check-in experience.”
Since its release just 4 months ago, GuestTrack now supports over 4,000 organisations across Australia, Hong Kong, India, Malaysia, Philippines and the USA with a satisfaction rate of 99.85% and over 2.24 million guest check-ins.
All data collected by GuestTrack is encrypted to the highest security standard with Amazon Web Services (AWS) Key Management Service (KMS). KMS is designed so no one, including the BGL and AWS teams, can decrypt or access the data.
“The BGL team continues to work hard to further develop this amazing app, recently adding new features including the ability for users to create custom form fields, unlimited QR Codes and much more – all to create a seamless and engaging check-in experience for guests.” continued Lesh. “What started out as an initiative to help our clients’ clients, has turned out to be a spectacular tool. As we enter the new normal, apps like GuestTrack will be a key feature in all organisations for years to come.”
Learn more and sign up FREE today at guesttrack.com.au!
The BGL Data Services Team have recently released some exciting new features and enhancements in Simple Fund 360 and we would love to share these with you.
New Features and Feeds
What’s in the Pipeline?
The Product Team are currently working on a new signed authority forms upload. This feature will streamline the authority form process and enhance security for you and your clients. Keep an eye out on the BGL Community for further announcements! In the meantime, please continue to email your authority forms to [email protected].
The BGL Client Experience Team are working closely with the BGL Data Services Team to improve your experience with us. If you have any feedback, please email us at [email protected].
ANZ Authority Forms
We have been experiencing delays in processing ANZ authority forms. The BGL Data Services Team are actively working with ANZ to rectify these problems. To help clients in dealing with these processing delays, we are working with ANZ to provide clients with up to TWO YEARS HISTORICAL DATA!
We sincerely apologise for these delays and appreciate your patience with us.
Bankwest Managed Investments
The Bankwest Cash Management Account product was closed on 31 August 2020. BGL is working to update our systems to reflect this change. For further information, please refer to the BWAMI website.
Please Note: If you have any BWAMI accounts registered with BGL’s Bank Data Service, these accounts will be updated to ‘Account Closed’.
We look forward to sharing more with you soon!
”Make the change, you will not regret it! We have to acknowledge as humans we don’t like change, but this change will give you a new lease on life. It is that good!
As a user, with over a decade of experience using Simple Fund Desktop, we asked Luke Martin, CPA SSA | Supervisor of Lowe Lippmann Chartered Accountants; a premier chartered accounting, financial services and consulting firm in Melbourne; about his experience migrating to Simple Fund 360 and how it has allowed Lowe Lippmann to provide value-add services to their clients and remain competitive in the market.
Tell us about your experience with Simple Fund Desktop and transition to Simple Fund 360
As a user, with over a decade of experience using Simple Fund Desktop, transitioning to Simple Fund 360 was seamless. Any issues that were undiscovered in Simple Fund Desktop were identified on migration to Simple Fund 360. Within a week of using Simple Fund 360 the functionality of the software was embedded.
How would you compare Simple Fund Desktop and Simple Fund 360?
Simple Fund 360 caters for the challenges of dealing with the ever-changing compliance issues presented to the industry. The ability of real time reporting is complemented by the smart matching feature. Year-end processing becomes extremely efficient with the distribution tax automation function and the corporate actions function ensures that no DRP, demerger or other corporate actions are overlooked. Any tricky situation can be easily resolved with the smart help function and the ability to log a support call on the platform is useful. Ongoing updates are supported by monthly webinars, tips and tricks are shared by the developers; these should not be missed.
”The functionality and processing ability of Simple Fund 360 is far superior to Simple Fund Desktop. Time saved on the processing allows for attention to the ever increasing compliance burden. Real time reporting is a reality, it is here, and Simple Fund 360 has the capabilities to deliver.
Can you tell us the benefit of migrating to Simple Fund 360 to your Firm?
It is becoming expedient for SMSF to have ‘real time’ reporting available to their clients e.g. contributions made, determining superannuation interests and pensions withdrawals. Simple Fund 360 is the tool that assists in providing the efficiencies necessary for these add-on services to clients, without the add-on costs.
What are the key results you have experienced since you started using Simple Fund 360?
Without Simple Fund 360 ability to transition to real time reporting would be extremely challenging, keeping on top of TBAR reporting would be difficult.
What are the key takeaways of using Simple Fund 360 for your business?
Simple Fund 360 has allowed us to provide extra add-on services to clients while maintaining our competitive price structure.
If your best friend were on the fence about trying Simple Fund 360, what would you tell them?
Make the change, you will not regret it! We have to acknowledge as humans we don’t like change, but this change will give you a new lease on life. It is that good!
About Lowe Lippmann Chartered Accountants
Lowe Lippmann provides premium accounting services, with the capabilities and resources of a ‘Big Four Firm’ but with the personal touch of a ‘Boutique Firm’.