BGL Update

Earlier this month, BGL advised its clients that the end of life for Simple Fund Desktop will be on 31 December 2022.

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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• 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.

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.

Click here to watch our webinar recording: Migrating from Simple Fund Desktop to Simple Fund 360.

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.

“We’re excited to offer this free live training course to help those new to a company secretary role find their feet in a complex and ever-changing compliance landscape,” said Ron Lesh, BGL’s Managing Director. “BGL has over 30 years of experience in the corporate compliance space and has developed this course to share its knowledge and expertise with the community and help pave the way for the next generation of company secretaries and administrators”.

Warren Renden, Head of CAS 360 at BGL, said: “We developed CAS 360 to be the complete tool for managing company compliance requirements. This new training course will give participants an overview of company secretary duties, so they may better grasp their roles and responsibilities.”

BGL’s Company Secretary 101: A Beginner’s Guide live online training course is ideal for new ASIC registered agents, accountants and administrators or those wanting to refresh their skills and will provide attendees with an understanding of the core duties, legal responsibilities, tasks and activities of a company secretary. The course is complimentary for all and provides attendees with 2 CPD hours.

A company secretary has an essential role in governing and monitoring how a company operates to ensure the company is compliant with Australian corporate law. It involves maintaining a registered office and reporting any changes for the company to ASIC. Because of this critical role, a company secretary is subject to several legal obligations and duties.

To learn more about BGL’s Company Secretary 101: A Beginner’s Guide live online training course or to register, visit www.bglcorp.com/company-secretary-course.

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!