BGL Corporate Solutions has upgraded its big data capabilities, comprising new data filters within Simple Fund 360, which will allow SMSF administrators to take a proactive approach to the super changes starting on 1 July.
The update would allow users to quickly filter and identify any fund member with contribution, pension or pension cap issues across their entire database in seconds, BGL managing director Ron Lesh said.
“Simple Fund 360 big data takes SMSF reporting to a whole new level – while others are fiddling with reports or trying to extract data from screens, Simple Fund 360 clients can extract all the data they need with a few mouse clicks,” Lesh said.
“This will change the way SMSFs are administered in Australia.”
Simple Fund 360 also includes contribution and pension dashboards, which provide a simple graphical view of a fund member’s position.
The contribution dashboard displays real-time concessional and non-concessional contributions (NCC) compared to statutory limits, while the pension dashboard provides details of pension account balances, minimum and maximum amounts, and amounts drawn for the period.
Users can also produce forecasts of future pension payments.
“Because Simple Fund 360 automatically allocates contributions received and pension payments to member accounts each day, all information displayed in the software is in real time,” Lesh noted.
“This is a unique feature and is only possible as a result of the integration and connectivity BGL has with our data partners – we have over 185 data feeds, leading the industry with connectivity.”
He revealed a number of industry experts this year had already talked about the need for better real-time reporting tools in light of the proposed new ATO reporting requirements.
“With our zero-touch processing, our clients can achieve this today,” he said.
Simple Fund 360 was now the preferred SMSF administration solution for almost 2100 SMSF administrators, representing over 100,000 SMSFs, he added.
BGL first opened up its big data search capability to its users in May last year, after estimating the proposed NCC cap in the 2016 federal budget would affect at least 10 per cent of all SMSFs.
The company then implemented its big data filters for the proposed super changes in September, which allowed Simple Fund 360 clients to filter, evaluate and extract critical data in seconds.