Simple Fund 360

If you’re an accounting firm or SMSF trustee lodging Business Activity Statements or Instalment Activity Statements through BGL Simple Fund 360, an important update has arrived, and it’s one worth knowing about.

BGL has updated BGL Simple Fund 360 to support the ATO’s transition from SBR1 to SBR2, bringing meaningful improvements to the way activity statements are prepared, lodged and amended. Here’s what’s changed and what it means for your practice:

What are BAS and IAS?

Business Activity Statements and Instalment Activity Statements are forms used by SMSFs, trusts and companies to report GST obligations or PAYG instalments to the ATO. While essential for many entities, the current system has long-standing limitations, particularly around amendment functionality and the range of available form types.

What is SBR2?

Standard Business Reporting (SBR) is the technology that enables accounting software to communicate directly with the ATO. SBSR2 is the next generation of this framework, offering improved security, reliability and performance over its predecessor.

What’s changed in BGL Simple Fund 360?

The ATO’s move from SBR1 to SBR2 gives BGL the opportunity to address both. The update delivers a modernised user interface, streamlined navigation and nine new form types. Most significantly, it introduces the ability to amend lodgements directly within BGL Simple Fund 360, which was not previously possible and is a feature accounting firms have been waiting for.

Standard Business Reporting (SBR) is the technology that enables accounting software to communicate directly with the ATO. SBR2 is the next generation of this framework, offering improved security, reliability and performance over its predecessor.

What does BGL say?

“The ATO’s transition to SBR2 is one of the most major changes to digital reporting infrastructure in recent years”, said Daniel Tramontana, Chief Executive Officer at BGL. “We’re excited to be delivering long-awaited improvements for our professionals using our software so they can be confident their lodgement workflows will continue without disruption.”

“This update is about more than infrastructure; it’s about removing that friction for our clients,” said Jeevan Tokhi, Chief Product Officer at BGL. “The ability to amend lodgements directly within BGL Simple Fund 360 is something we’ve wanted to deliver for a long time, and the move to SBR2 makes that possible. The team has put a lot of work into making sure the transition is seamless, so firms can keep doing what they do without missing a beat.”

Getting started

The update is live now in BGL Simple Fund 360. For full details on the new workflow and how to get started, head to our learning channel or reach out to our support team.

For more information, please visit http://www.bglcorp.com/simple-fund-360.