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

By Homepage, In the Media, Product Updates, Simple Fund 360, TechnologyNo Comments

‘It’s not magic!’ but one could certainly be forgiven for thinking there has to be a bit of it happening behind the scenes!

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

In the latest Simple Fund 360 New Features Webinar, Matt Crofts, our wonderful head of Simple Fund 360, ran us through what’s new, what’s been added, and what’s to come, and let me tell you, implementing even one of these new features is sure to add back time to your day!

From the introduction of having more control over digital signing with the addition of priority groups, yes, now you can elect that trustees/members sign first, ensuring tax agents or auditors don’t receive any notifications until it’s their turn, to the addition of the ability to add Direct comparatives for those often-occurring interim accounts. This release sure covers a lot.

The emphasis on using the account view, basically makes the need to run general ledger reports to gain a running balance, redundant. The detail in which this account view is now able to drill down is worth checking out, my personal favourite is the bank accounts, or the PAYG Instalments, which now shows which year each instalment relates too.

Another great addition is the ability to create % splits within the transaction rule screen, think of those monthly life insurance premiums, that historically had to be split manually, you can now simply set up a percentage rule of say 40% to be allocated to one member, and 60% to the other, and going forward this will now pick up this split. Also, great to be used in the instance where you have fortnightly or monthly rent payments that are split between Rent Income, Agent Fees, Property expenses, simply click ‘Review before Applying’, and any adjustments that need to be made can be done to the transaction, without needing to add the accounts in every time.

There’s also been an update to the corporate actions available for the 2021 financial year, for those of you processing on a regular basis. Also, in the investment space, the addition of a security description for those ASX listed securities that start to get a bit messy, think preference shares, convertible notes etc.

The new Feed Management License report also provides users with a great way to export and view their subscription usage in excel, both overall as a firm, and then drilling down into each fund.

Last but not least on the Simple Fund 360 front (note this feature is also available in Simple Invest 360), and this is truly where I think the magic is, is the update to the CGT/Smart Docs report function. Think of those funds you receive from another firm, after the initial excitement of winning a new client wears off, the realisation of having to recreate opening balances kicks in, and when this involves a vast investment portfolio, and receiving a huge unrealised capital gains report with multiple parcel purchases, a slight sense of dread is understandable.

“Not anymore! Simply upload the Unrealised CGT report into the CGT – Smart Docs screen, and the ‘magic’ of smart docs will read the report and input into the information into the software… historical data.. DONE!”

Not to be forgotten is also the extensive amount of work the team have put in, in developing our newest kid on the block, Simple Invest 360, the magic of Simple Fund 360, is now available for Trust, Company and Individuals.

The most noteworthy update in this latest release is the Tax Reconciliation screen, and distribution allocation functionality. Making working out your Taxable and Accounting Profit, and where it’s all going a breeze. If ever you found yourself as an SMSF processor, wishing for the ability to achieve the kind of efficiency you were getting with super funds with your trusts and companies, Simple Invest 360, is the answer. If you’re interested, jump onto our website, search for Simple Invest 360 and register for our Beta phase.

Looking forward to the next release and will definitely be keeping an eye on what’s to come, particularly in the historical and external contributions space, as well as the greatly anticipated workflow management screen.

All in all, a wonderful release of some great functions, features and well quite frankly magic! A big well done to the Matt Crofts, Andrew Paszko and both the Simple Fund 360 & Simple Invest 360 teams.

In case you missed it, you can watch the Simple Fund 360 New Features webinar recording below!

The future of BGL’s Simple Fund Desktop

By BGL Update, Homepage, NewsNo Comments

Below is an email I sent to Simple Fund Desktop clients today.

If this affects you, please speak to your BGL account manager

************************************************************************

I am writing to advise you of the future of your BGL Simple Fund Desktop software.

As you would be aware, there will be a number of significant changes to superannuation law in the 2021 calendar year. These changes include indexation of the pension cap of $1.6m, Superstream Rollovers and the ability to have 6 members in an SMSF.

BGL has made the decision to not make these changes to Simple Fund Desktop and therefore 30 June 2021 will be the last tax release of Simple Fund Desktop.

BGL launched Simple Fund Desktop in 1997. This software has had an incredible life but eventually all good things must come to an end.

BGL will continue to support Simple Fund Desktop clients. No date for the cessation of support has been set and we know it will take a while for all clients to move to Simple Fund 360.

What’s next?

Simple Fund 360 is the natural move for Simple Fund Desktop clients. Migration is seamless and ALL data and reports are migrated from Simple Fund Desktop to Simple Fund 360, meaning you do not lose ANY of your valuable data.

To prepare for your transition to Simple Fund 360, it’s best to start early by:

  1. Setting up your data feeds,
  2. Preparing your funds for migration, and
  3. Reaching out to your Account Manager

My Account Management and Client Success Team are here to help make your move absolutely seamless. I have asked them to reach out to you in the coming weeks to help you get started but if you would like to contact us, please call on 1300 654 401.

Finally, let me thank you for being a Simple Fund Desktop client. For many of you, I know Simple Fund Desktop has been a part of your lives for a very long time. I hope Simple Fund 360 will help you continue this remarkable experience

 

BGL very concerned about Total Balance Cap indexation

By BGL Update, Homepage, Industry, NewsNo Comments

BGL is very concerned about the practical implementation of the indexation of the Total Balance Cap.

“It’s simply too complicated” said BGL’s Managing Director, Ron Lesh. “Indexing the $1.6m cap to $1.7m is not the problem – it’s the partial indexation where a person has already commenced a pension that is crazy.”

“There are 2 real problems with partial indexation.

1. Potentially every person can now have a different total balance cap, and
2. Access to ATO total balance cap data is not readily available.

This makes these changes a nightmare for SMSF advisers” says Lesh. “The ATO and Treasury have known for 2 + years that this will be a problem but have done nothing about it. BGL and many others have been asking for API access to ATO total balance cap data, but our requests have been ignored – it’s simply not good enough.”

“Something needs to be done – and fast”

“The Government needs to find a solution to this – fast” added Lesh. “The simplest is to remove partial indexation and increase the total balance cap for everyone to $1.7m. This removes the complexity and is fairer than some of the other solutions. Why should the date a person commences a pension determine how much that pension should be? Clearly this is unfair”

“BGL needs to implement these changes in our market leading Simple Fund 360 SMSF admin software by 1 July 2021. Implementing partial indexation without access to ATO total balance cap data is going to result in many errors” noted Lesh. “Something needs to be done – and fast”.

BGL has over 6,000 clients representing over 200,000 SMSFs using it’s multi award winning Simple Fund 360 SMSF admin software. “It would be really nice if the government took into account the practical implementation issues of the legislation and made changes to help accountants who have already beared the brunt of the work around JobKeeper of the past 12 months” Lesh said.

CAS 360 Software Update Release February 2021

By BGL Update, CAS 360, Homepage, Product UpdatesNo Comments

Hello everyone and welcome to 2021!

For the first release of 2021, the CAS 360 team have worked on some great new features.

Adding a new Company

When adding a new company to CAS 360, you can now import the basic company information directly from ASIC.

If you toggle on the ‘Import from ASIC?’ CAS 360 will conduct a real time search of the ASIC register and find the company for you.

Clicking on import, will add the company to your CAS 360 company list, and also import the basic company information (Company Name, Number, Company type and class).

Trust Documents

CAS 360 is the best place to manage all of the trusts that your firm looks after, with industry leading trust features.

In this update, we add more documentation for trusts.

When preparing unitholder transactions, if there is an allotment transaction, CAS 360 will now prepare a unit allotment journal, and for unit transfers CA360 will now prepare a unit transfer journal.

New Trust registers have also been added, with a new Register of Trust Relationships, which will show all of the position holders in the trust. Also, a new Register of Trust Events has been added, which will show all event transactions that have taken place inside the trust.

New Contacts screens

This update sees a huge change in the way contact data is entered into CAS 360. We have added new fields and grouped a number of key data fields.

We have added support for ‘Other Names’ which include ‘Casual Name’ a long time requested feature, soon this casual name will be appearing on documents such as letters.

We have also added a whole heap of new contact fields, including identification numbers, and company number types for company contacts. 

New Health Check for Company Details and Holding Company

For New Zealand Companies we have expanded the health check to now include General Company Details and Holding company information.

CAS 360 will now check this information every day with the NZ Companies Office and alert you if there have been any changes.

Live Checks (checking when inside the company) has also been added for Company Details and Holding Companies.

If you would like to view the full release notes for February 2021 please click here to visit the BGL Community.

See you next update!

Warren

ASIC announce changes to Form 484 and 370

By BGL Update, CAS 360, Homepage, IndustryNo Comments

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. 

Example 

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.

Important Changes to GuestTrack powered by BGL – our QR code check-in app

By BGL Update, Homepage, TechnologyNo Comments

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.

GuestTrack Subscription Free Basic Enterprise Not-for-profit*
Pricing Free $9 + GST per month Contact Us Free
Inclusions
Google Ads ✔️
Unlimited Check-ins/outs ✔️ ✔️ ✔️ ✔️
Unlimited QR Codes ✔️ ✔️ ✔️ ✔️
Customisable Form ✔️ ✔️ ✔️ ✔️
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.

Visit the GuestTrack Pricing Page

Reminder: BGL cannot sell, share or profit from any of the personal data collected by GuestTrack as it is encrypted, and we simply do not have access to it. The data is owned by the GuestTrack account owner (business using GuestTrack) and no one else can decrypt or access this data. GuestTrack Terms and Conditions | Privacy Policy

Early release of super makes a difference

By BGL Update, Homepage, IndustryNo Comments

This has been a tumultuous year for BGL, our clients and the superannuation industry.

During the year, the government introduced another super early release scheme – this time in response to COVID-19.

I have asked our friends at mProjections to do a couple of calculations to demonstrate the impact of a withdrawal and how to engineer a higher retirement. Please check these out.

Example 1

Phillippa, 29, worked in the hospitality industry with 2 jobs, total income (pre Covid) of around $55,000pa, pre-tax. She is single and had built up a Super balance of $25,000.

Shortly after loosing one of those jobs, she withdrew $8,000 without thinking about the consequences to super. Her Super had been invested in a typical ‘Balanced’ Investment Option with 65% in growth assets.

Using the mProjections Report, Philippa moved her post-withdrawal balance to a High Growth Investment Option (85% in growth assets). She saw that, before withdrawal, she would have $55,194 pa annual retirement income for 25 years, but with a move to High-Growth – without additional contributions – she would enjoy a $57,415 projection. Most importantly, her upside for a considerable improvement in retirement spending would increase.

 

Example 2

Jonathan works as an electrician in the western suburbs of Sydney and had his hours reduced to 20 hours per week for 3 months. He decided to withdraw $8,500. Using figures in our Report, he saw how to increase his $79,747 tax-free pre-withdrawal retirement projection by moving the balance of his fund to a High Growth Investment Option and a consequent retirement income projection of $82,442.

He also noted the greater likelihood of upside. ‘Low’ here is 15% of assets in growth.

 

If you would like to prepare an mProjections report for your clients, check out their website.

 

From the desk of the BGL Managing Director | 2020 in Review

By BGL Update, HomepageNo Comments

We are nearly at the end of 2020, and what a year it has been. It is certainly not a year I want to remember and the sooner we get (in my opinion) to 2021 the better.

BGL has a lot to be thankful for this year. Your support of my team and I has been fantastic and we all really appreciate it.

Working from home, Zoom meetings, doom and gloom from our media, has made our lives difficult. The winding back of restrictions, especially in Victoria, is well overdue.

We decided to close the BGL office for 3 weeks from 21 December 2020 to 8 January 2021 (inclusive). My team needs this time to refresh and recover from what has been a tough year. Very few have had any time off during the year.

I am looking forward to 2021 and the gradual opening up of Australian business. I feel very sad for so many small businesses that are not able to reopen. As a small business owner, my heart goes out to each and every one of them.

For BGL, 2021 will be very exciting. With the release of our 3rd cloud product Simple Invest 360 and some amazing developments coming from our product teams, 2021 will provide a heap of opportunities for clients and our Team.

I would like to sincerely thank the BGL Team that has grown to over 170 through 2020. The work you do and the service you provide our clients is invaluable.

Last, I would like to thank each and every one of YOU for being BGL clients in 2020. I hope we have lived up to your expectations.

Please have a safe and happy festive season and a prosperous 2021!