Business News

BGL achieves electronic annual return lodgment

SMSF software specialist BGL Corporate Solutions has been registered to lodge the annual returns of funds electronically with the ATO via the government’s standard business reporting (SBR) facility for users of BGL’s Simple Fund 360.

“BGL is the first major software supplier to achieve SBR registration for the SMSF annual returns. This means our clients can lodge SMSF annual returns any time, from anywhere and on any device,” BGL managing director Ron Lesh said.

The latest announcement follows other Simple Fund 360 operational enhancements, such as an increase in the number of data feeds available for users, new reports and having corporate actions included in the system.

“Simple Fund 360 now supports over 120 data feeds from banks, borrowers, wraps and Xero,” Lesh said.

The cloud-based administration application is currently being used by in excess of 600 clients servicing around 50,000 funds.

Lesh said new rules governing the funds clients could migrate to Simple Fund 360 had been put in place.

“We need clients to be setting up automation before they migrate their funds to Simple Fund 360,” he said.

“Although CSV and MYOB BankLink data uploads and manual data input is available, it is automation that really provides clients with the benefits of the cloud.”

However, while the number of existing BGL clients switching to Simple Fund 360 continued to improve, he said he remained concerned about the lack of urgency practitioners were showing in regard to the automation of SMSF administration.

“I think a lot of our clients still have their heads in the sand,” he said.

“A recent BGL client survey of over 500 firms found 63.93 per cent of our clients have no plans to implement data automation in the next three years.

“The SMSF industry and their clients will pass them by if they remain ostriches.”

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