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Compliance

BGL adds vital tax, compliance updates

BGL Corporate Solutions has released important 2017 tax and compliance functionality for its SMSF software, Simple Fund 360.

The latest update includes the 2017 SMSF annual return with ATO approval for electronic lodgement through the standard business reporting system.

The release includes the 2017 SMSF annual return, paper and electronic, and all associated schedules, commutation documentation to comply with Practical Compliance Guideline 2017/5, the 2017 audit working papers and updates to notes to the accounts, trustee declaration, and trustee minutes and resolutions.

“This Simple Fund 360 update also includes changes to the ATO’s capital gains tax (CGT) schedule in order to report CGT relief,” BGL managing director Ron Lesh said.

“There has been a lot of confusion around these reporting requirements, so our clients will be happy to finally see their reporting obligations to the ATO.

“Just a few weeks ago, this team released the first SMSF software industry update to handle the CGT reset process.

“This was followed by registry data and a host of new data feeds – it certainly is an exciting time for both BGL and our clients.”

BGL now has over 2500 clients representing more than 120,000 SMSFs using Simple Fund 360, with another significant release due to be announced in the coming weeks.

“I am very proud of the team. Even with the huge changes this year, the team has been able to get this update in our clients’ hands earlier than any time in the past 20 years,” Lesh said.

“It is an incredible achievement.”

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