Specialist SMSF administration software provider BGL Corporate Solutions has hit back at claims from the wider superannuation industry that Australian Prudential Regulation Authority (APRA)-regulated funds will be the first to commence events-based reporting.
BGL managing director Ron Lesh has described the claim as another example of larger superannuation funds taking the opportunity to “have a go” at SMSFs.
Further, Lesh argued ongoing problems with technology bases seemed to be an issue affecting the APRA-regulated fund sector.
“I find it interesting every time superannuation law changes, some of the platform providers and the large APRA funds think they are the only ones who will be able to comply,” he said.
“History tells us they are usually the last, rather than the first, to get their systems in order. Wasn’t SuperStream delayed because several of the big APRA funds simply could not get their systems in order?”
He pointed out the SMSF records of BGL Simple Fund 360 users were accurate and up to date. He said the software had all of the historical information required for the new reporting regime readily available.
“Our Simple Fund 360 clients are in a great position as they can report to their clients on 1 July each year,” he said.
“This is months ahead of most APRA-regulated super funds.”
He did, however, admit the new reporting requirements could prove to be onerous for users of his firm’s Simple Fund Desktop application.
“These clients do not get the benefits of automation and the latest SMSF technology so I think it will be harder for them to comply,” he said.
“The ATO has also said the new reporting will be part of the new PLS (practitioner lodgment service), which is not supported in Simple Fund Desktop.”
In other news, the administration software firm has also partnered with Link Market Services to incorporate functionality within Super Fund 360 allowing users to automatically reconcile listed securities holdings with the share registry.
The new feature will use data from Link to confirm SMSF shareholdings in general on a quarterly basis.
“Automating the reconciling of holding balances with share registries, the single source of truth, provides our clients with significant efficiencies and benefits,” Lesh said.
