Specialist SMSF administrative software provider BGL Corporate Solutions has incorporated new functionality to assist practitioners service their clients regarding the capital gains tax (CGT) relief provisions contained in the super reforms set to take effect from 1 July.
The new feature has been added to the organisation’s cloud-based platform, Super Fund 360, and gives advisers and accountants the ability to easily process cost-base resets available under the CGT relief rules.
The CGT relief functionality will be made available to BGL’s Simple Fund Desktop users in the coming weeks.
“We have tried to make something really complex really simple for our clients,” BGL managing director Ron Lesh said.
“The new functionality will allow Simple Fund 360 users to analyse the assets of the fund, select which assets to reset the cost base, select whether or not the capital gains are to be deferred and generate the necessary CGT transactions, in one simple process,” he noted.
“Simple Fund 360’s big data Analytical Insights allows clients to quickly and easily determine which funds are affected by the reforms.
“The work we have done with big data just continues to help our clients manage their SMSFs more efficiently and effectively.”
The government’s super reforms brought down in the 2016 budget allow a CGT cost-base reset for SMSF trustees having to transfer assets from pension phase back to accumulation phase to comply with the transfer balance cap.
BGL revealed it will be releasing the next set of features incorporating the super reforms and the 2017 annual return prior to 1 July this year.