BGL Corporate Solutions believes automation is a must when it comes to meeting the new SMSF reporting requirements as a result of the superannuation changes commencing on 1 July.
“The requirements are horrendous for anyone with a pension interest; the ATO is talking about fortnightly reporting,” BGL managing director Ron Lesh said today.
In general terms, two areas clients need to be aware of over the next few months are the capital gains tax (CGT) changes and pension measures.
The CGT changes will mean a lot of work for practitioners who will have to make decisions about where assets stand in an SMSF, but the pension changes in terms of reporting and the ATO’s new transfer balance account report mean automation is a must, Lesh noted.
“I simply don’t know how clients will be able to collect the data to report to the ATO if their SMSF software is not automated,” he said.
“It is simply not possible to report pension events every fortnight unless your SMSF software automatically collects and processes the data. Simply, automation equals compliance.”
BGL’s Simple Fund 360 provides industry-leading automation with well in excess of 80 per cent of transactions auto-matched each day and no requirement for manual investment income matching, he said.
“Simple Fund 360 provides next generation data matching using BGL’s SmartPost 2 technology. This technology certainly will make compliance easier,” he revealed, adding the firm was making the necessary software changes to help clients comply in both Simple Fund 360 and Simple Fund Desktop.
Simple Fund 360 also provides 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 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 of the software can also produce forecasts of future pension payments.
Simple Fund 360 now has over 185 data feeds and is the preferred SMSF administration solution for almost 2300 SMSF administrators, representing over 110,000 SMSFs.