Category

Uncategorised

BGL SMSF EVENTS BASED REPORTING CAMPAIGN BEARS FRUIT

By | Uncategorised | No Comments

BGL Corporate Solutions, Australia’s leading developer of SMSF administration and ASIC corporate compliance software solutions, is proud of its achievement in getting the ATO to rethink its SMSF Events Based Reporting regime.

“We started our campaign in late July 2017 with a petition to the Assistant Treasurer Kelly O’Dwyer and the ATO Commissioner Chris Jordan” says BGL Managing Director Ron Lesh. “We then met with the ATO in early August and voiced our concerns at the proposed reporting regime that seemed to have been signed off by not only the ATO but also by many of the professional organisations”.

BGL was concerned about 2 aspects of the proposed events based reporting regime. The first was the frequency and deadlines of reporting and the second was the need to report ALL SMSF member balances – whether the balance was $50,000 or $1.6m. “We thought this was big brother gone mad” noted Lesh.

“The first meeting with the ATO was organised with the SMSF Association. It was great to have their support throughout this campaign” added Lesh.

“BGL first became aware of the proposed reporting requirements early in 2017” said Lesh. “We had our concerns then, but expected the accounting industry associations to make representation to the ATO suggesting this was not a good idea. We did not however see much activity – with the exception of the work done by the Institute of Public Accountants. The others were nowhere to be found”.

“We started the campaign by asking our clients to sign our petition on causes.com. This was probably not as successful as I would have liked but it seemed to get the attention of the Assistant Treasurer. I would like to thank Ms O’Dwyer for her help in getting the ATO to rethink the events based reporting regime” Lesh said.

“When the ATO released its Position Paper in August 2017, it was great to see there had already been some change in the ATO position” stated Lesh. “It was really only then the other software suppliers and accounting industry associations decided to support our proposals. I was really disappointed in the way much of the industry handled this. Organisation members were not asked their views and accounting organisation bureaucrats were taking positions without any reference to members whose membership fees pay their salaries”.

“I would like thank the ATO for listening to our concerns” added Lesh.

“It has been a trying time for SMSF administrators with so much change over the past 18 months and little certainty as to what the future held. It is great we now have certainty around Events Based Reporting and our clients can get on with their work knowing what is coming and that BGL will always support them” concluded Lesh.

BGL adds life insurance filters to Simple Fund 360 Big Data

By | Uncategorised | No Comments

BGL Corporate Solutions, Australia’s leading developer of SMSF administration and ASIC corporate compliance software solutions, has added new filters to Simple Fund 360 Big Data views to help clients review the life insurance of SMSF fund members and obtain a quote for life insurance from Australian Group Insurances Pty Ltd (AGI) insurance.

All SMSF Trustees are required each year to consider whether fund members require life insurance. This new feature makes it easy for Simple Fund 360 clients to fulfil this obligation.

“This highlights another way how Big Data is helping our clients says BGL’s Managing Director, Ron Lesh. “In a few mouse clicks, Simple Fund 360 clients can review a fund members’ life insurance, prepare an insurance quote, pre-fill an insurance proposal and purchase the policy. This is what integration and automation is all about”.

John Felsch from AGI, providers of the insurance added ”This is a great partnership for AGI. BGL Simple Fund 360 clients now have simple automated access to AGI’s SMSF Master Insurance Plan, a product specifically designed for SMSF members”.

BGL, through Simple Fund 360, has created a streamlined solution to provide SMSFs online access to life insurance at competitive wholesale rates – providing significant savings for SMSF members. This exciting new solution also makes it easy for BGL clients to highlight SMSFs without insurance.

This insurance is underwritten by AIA Australia, one of the largest insurers in the country who provide life insurance to over 3.2 million Australians.

This is just one of a host of new features added to Simple Fund 360 over the past few months.

Simple Fund 360 is now the preferred SMSF admin software for over 3,300 SMSF administrators and accountants representing over 180,000 SMSFs.

Earlier this week, a BGL client loaded the 150,000th company on CAS 360, BGL’s market leading ASIC corporate compliance solution. “We have reached this milestone in less than 9 months” said Lesh. “Just a fantastic team effort”

Those that are second so often claim to be first….

By | Uncategorised | No Comments

I just love it when people claim “firsts”. If BGL did a media release every time we did a “first”, we would be doing media releases every day.

Someone claimed today to be the “first” to release Simpler BAS for SMSFs. However, this was NOT a first.

BGL released Simpler BAS in our market leading SMSF admin software, Simple Fund 360, on 12 October 2017. We did not however think this warranted a media release. We have much more important things to inform the market – like the partnership with BT we announced today that will provide our clients massive benefits.

So is this claiming a “first” just more false and misleading advertising ? Probably. Seems to be a way of life for some people.

But in any case, I guess that makes Simple Fund 360 first, AGAIN !! First with Simpler BAS, first with Registry Integration, first with Big Data, first with – well the list goes on and on.