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SuperStream – Navigating SMSF rollovers

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Written by Robyn Tongol on 1 December 2021
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Navigating SMSF rollovers under SuperStream

With the SuperStream measures now in place, SMSF professionals play an important role in helping clients manage some of the practical issues with rollovers, such as timing.

Following the introduction of the SuperStream measures on 1 October 2021, release authorities and rollovers to and from SMSFs are now required to comply with new data and payment standards. With these changes bringing new challenges to the SMSF sector, hosts Aaron Dunn and Miranda Brownlee ask Matt Crofts, head of Simple Fund 360 at BGL, to share some key insights from a software perspective on what practitioners need to be aware of.

Listen now!

SMSFs hitting ‘roadblocks’ with rollovers under SuperStream

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Published by SMSF Adviser, powered by MOMENTUM MEDIA
Written by Miranda Brownlee on 1 December 2021
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SMSFs hitting ‘roadblocks’ with rollovers under SuperStream

While the SuperStream measures have been in place since 1 October, there are some common issues impeding the rollover of money in and out of SMSFs, said an SMSF software provider.

From 1 October this year, SuperStream measures began to apply for rollovers and release authorities for SMSFs, with SuperStream now playing a much greater role in the sector.

The payment standards require trustees to roll over or transfer an amount no later than three business days after the trustee receives the rollover or transfer request.

While BGL head of Simple Fund 360 product Matt Crofts said that in the long term, the new payment standards would result in a more streamlined and standardised system between APRA-regulated funds and SMSFs, there are still some practical issues that are causing SMSF professionals and clients to be become unstuck.

One of the real sticking points, Mr Croft said, is with newly established funds. It’s important that SMSF trustees are notifying the ATO when establishing the fund, he explained in a recent SMSF Adviser Show podcast.

“It’s not just registering the ABN; it’s also going onto the ATO portal or getting the trustee to update the bank details when they’ve actually obtained them,” said Mr Crofts.

“The reason you need to update the ATO is because when you do a rollover, the APRA-fund or SMSF transferring the money will need to check the records to make sure the fund is complying, that it’s got bank account details and the member’s TFNs are correct.”

The other big challenge, he explained, is that the bank account needs to be in the super fund’s name.

“We’re not just seeing instances where the bank account details are missing. Sometimes the refund from an SMSF annual return is not in the super fund’s name, and it is in the individual’s name or the trust account of the firm,” he said.

There is also a range of roadblocks that SMSFs are hitting when trying to roll money out of the SMSF, he said.

One issue, he said, is where people have slightly different names with the ATO in an APRA fund scenario compared to when they are lodging their individual return.

“So we’ve seen a little bit of mismatch in that space, so it’s important that the SMSF trustee or their planner or accountant communicates with the APRA fund,” he said.

“It creates a few challenges when they’re not exactly sure what’s wrong when they’re trying to roll the money out; it could be the bank account details, it could be the member’s details, it could even be a non-complying fund that for some reason hasn’t lodged a return for a while,” he stated.

Speaking in the same podcast, Smarter SMSF chief executive Aaron Dunn said a lot of the issues all revolve around verification.

“So, if there is married name change, then making sure that it’s been updated in MyGov so that that stuff marries off, that it matches what the ATO has on its records [is important],” he explained.

“Even little things like if the rollover is going out and you set a particular amount that that rollover is supposed to be, then make sure that your banking transfer will allow for an increased limit for that money to go out because those things have to match off for the transfer to actually be accepted on the other side as well.”

Heffron adds new features to Super Toolkit

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Written by Tony Zhang on 15 November 2021
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Heffron adds new features to Super Toolkit

Heffron SMSF Solutions has added new features to its Super Toolkit, including a new BGL integration and multiple subscription levels.

Drawing on extensive technical knowledge and understanding of SMSFs, Heffron is creating new tools for SMSF professionals, which contain unique features to guide users through the process of creating fully compliant SMSF documentation.

As part of the latest release, Heffron has added a Professional subscription level to the Toolkit offer. Subscribers can now manage access for multiple users from within a firm to collaborate in a single account. They will still be able to share documents with interested parties outside their organisation, like trustees or financial advisers.

Another feature of the Professional subscription is integration with innovative and award-winning SMSF software provider BGL. This technology will allow client details to be populated in the documentation as it is created, creating business efficiencies.

“We are excited about the next evolution of our Super Toolkit. Our intention is to provide tools that enable intermediaries and trustees to play the role they want to play with SMSFs,” Ms Heffron said.

“For some, this might simply be providing a compliance document. For others, it will be guiding them through the key decision points for a range of different SMSF events or activities (we’re calling this ‘guided decision-making’).

“The BGL integration is something we are extremely proud of. This will save our clients time by allowing fund and member data to be automatically pre-populated from BGL’s Simple Fund 360.

“We will continue to develop useful tools to help our clients with many aspects of their SMSF work.”

For more information, go to https://www.heffron.com.au/services/super-toolkit.

BGL launches integration with Colonial First State’s FirstWrap platform

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Written by Tony Zhang on 10 November 2021
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BGL launches integration with Colonial First State’s FirstWrap platform

BGL has successfully completed its Simple Fund 360 integration with Colonial First State’s FirstWrap platform.

BGL Corporate Solutions’ Simple Fund 360 is now integrated with Colonial First State’s FirstWrap platform.

“It’s great to have Colonial First State as part of the BGL ecosystem,” BGL’s managing director Ron Lesh said.

“FirstWrap is a full-service wrap platform, providing comprehensive investment choice, convenience and great flexibility.”

Mr Lesh noted this new integration means FirstWrap now has seamless integration with Simple Fund 360, with bank, investment and income transactions automatically loaded.

“Simple Fund 360 will then automatically map the required accounts and tax data to drive further efficiencies for your firm,” he added.

Colonial First State’s chief distribution officer, Bryce Quirk, said FirstWrap is excited to partner with BGL and provide the benefits of Simple Fund 360 to members and advisers.

“Adding to the comprehensive tax reporting features of FirstWrap, the welcome addition of Simple Fund 360 integration will further enhance the value and efficiencies for our joint customers,” Mr Quirk said.

BGL currently has over 350 partners in the firm’s ecosystem, and it is great to be able to add FirstWrap to the list.

FirstWrap is a full-service wrap, including FirstWrap Plus Super, Pension and Investments, which offers advisers and clients comprehensive investment choice, convenient administration, and the flexibility to design a portfolio to suit their investment needs.

BGL makes new CAS 360 product updates

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Written by Tony Zhang on 2 November 2021
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BGL makes new CAS 360 product updates

BGL has made new updates for its CAS 360 platform, including the inclusion of the new upgrades to facilitate the recently introduced director ID.

In a recent update, BGL said that it had made new changes in its CAS 360 Product in October 2021.

With the introduction of director IDs being one of the biggest changes to corporate compliance work this year, BGL noted it has successfully built new features to easily facilitate the new process.

“In CAS 360, we have built a great set of features to help you through this new requirement,” CAS 360 head of product Warren Renden said.

“Each company now has a new alert, the director ID alert. This alert will show how many company directors have completed that director ID requirement when you hover over.”

Mr Renden said the director ID modal contains a number of important features.

“Firstly, you can email all company directors about the new director ID requirements; we have included an ‘introduction to Director ID’ email template, which you can customise, to let your clients know about this new requirement,” he said.

“You can see which directors have and have not completed their director ID requirements.

“You can also see if the director is also a director in any other company. If the director ID deadline date is fast approaching, you can send a reminder email to the director.

“If you do not have a director’s email address, you can add the email address via this screen. Also, once the director has completed their director ID requirements, you can add the ID number, and it will be saved against the director’s records.”

Digital signing improvements

BGL has also added some new features for clients who have CAS 360 integrated with its Digital Signing partners.

“Now, when preparing any set of documents in CAS 360, you can set that all signatories receive the signed document pack once it has been signed by all signatories. This is an option that is controlled by you as the preparer,” Mr Renden explained.

“If you are preparing an Annual Review and send it out for digital signing, you can now have the Annual Review automatically set as ‘Annual Review Complete’ when the document has been signed by all signatories.”

Also, for those that have an account with more than one digital signing provider or are in the process of transitioning from one provider to another, BGL has now added support for multiple signing providers connected to CAS 360 at the same time.

BGL also noted it had updated new ways to prepare Company Shareholder and Trust unitholder registers.

“We have built a beautiful MS Excel export of these registers,” Mr Renden added.

“We know how much you all love a good spreadsheet. CAS 360 now allows you to export these holdings and filter, sort or organise to your heart’s content.

“BGL has also added version 2 of its document management APIs for those that have documents integrated easier.

“We have a new trust relationship position in Alternate Appointer, improved the company screen hovers so they are less sensitive, and added new merge fields for addresses and capital.”

BGL completes successful implementation of SuperStream changes

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Written by Emma Ryan on 22 October 2021
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BGL completes successful implementation of SuperStream changes

BGL’s Simple Fund 360 software has successfully become SuperStream Rollover compliant since 1 October 2021.

Since the start of October, SuperStream became mandatory for all member balance rollovers to SMSFs. The ATO advised all SMSF SuperStream must now be completed with SuperStream.

On 28 September 2021, BGL released a major update to its cloud-based SMSF administration software solution, Simple Fund 360, and successfully implemented the SuperStream changes.

“I am incredibly proud of the team,” Ron Lesh, BGL’s managing director, said.

“This was a huge task for BGL as not only did we need to develop the convoluted SuperStream rollover process with a new data provider, but we also needed to create a new BGL Electronic Service Address (ESA) for clients.”

Since 28 September 2021, BGL Simple Fund 360 clients have had access to a major software update that includes the SuperStream changes.

This was the fourth Simple Fund 360 update since 30 June 2021. The new software allows clients to initiate and receive member balance rollovers and process release authorities with the new BGL ESA.

BGL has also developed a number of SuperStream resources for BGL clients.

As previously advised, BGL reminded that SuperStream rollovers are not supported in Simple Fund Desktop.

“Simple Fund Desktop clients can continue their relationship with Australia Post to collect contribution and rollover data, but this data CANNOT be imported into Simple Fund Desktop,” BGL said.

“You may still receive an email from Australia Post with details of contributions and from November rollovers, or you can log in to your Australia Post account where these details are displayed.

“The new BGL ESA will support SuperStream contribution, rollovers and release authorities, but only if you are a BGL Simple Fund 360 client.

“To register with the new BGLSF360 ESA, the fund will need to be in Simple Fund 360. You can only register directly through the software.”

BGL launches integration with digital signing tool

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Written by Tony Zhang on 16 August 2021
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The SMSF technology provider has launched a new integration with a digital signing service.

BGL Corporate Solutions, supplier of SMSF administration and ASIC corporate compliance and investment portfolio solutions, has announced that CAS 360, Simple Fund 360 and Simple Invest 360 are now integrated with digital signing tool FuseSign by FuseWorks.

“It’s great to add FuseSign to the BGL ecosystem,” Ron Lesh, BGL’s managing director, said.

“FuseSign creates a seamless workflow for BGL clients so that all company, trust, individual and SMSF documents can be digitally signed, speeding up the compliance process and reducing signing times to minutes rather than days for the price of a stamp.”

Melissa Voss, co-founder and head of clients and partners at FuseWorks, said that the firm is thrilled with this partnership and to be able to offer BGL clients with the digital signing tool straight from their platform.

“I am passionate about automation and helping accountants to simplify the day-to-day, removing inefficiencies through the power of automation so they can focus on more human tasks, and that is exactly what FuseSign does — it gives your clients a better experience with your brand, saves your business time and money, and it empowers your team to focus on tasks they really enjoy,” Ms Voss said.

Made for accountants by accountants, FuseSign is an affordable, intuitive and easy-to-use digital signing tool and can be used for all company, trust, individual and SMSF documents prepared by CAS 360, Simple Fund 360 and Simple Invest 360. Recent legislative changes have now made it possible to sign more document types digitally than ever before.

The FuseSign process in BGL applications provides a seamless workflow for clients, with the firm noting that recent evaluations of digital signing solutions have proven documents are signed quicker, easier and with much less friction when digital signing solutions are used.