BGL achieves ATO SBR registration for Simple Fund 360

BGL Corporate Solutions, Australia’s leading supplier of administration software to Self Managed Superannuation Funds (SMSFs), has been registered for the lodgement of electronic SMSF Annual Returns with the Australian Taxation Office (ATO) through the government’s Simplified Business Reporting (SBR) system.

“This is another milestone in the development of Simple Fund 360, the next generation SMSF cloud solution“ says BGL Managing Director Ron Lesh. “BGL is the first major software supplier to achieve SBR registration for the SMSF Annual Returns. This means our clients can lodge SMSF Annual Returns any time, from anywhere and on any device”.

Simple Fund 360 has achieved a number of milestones in the past few months. “Our Team has delivered not only SBR but Corporate Actions as well as a heap of new data feeds, features and reports” said Lesh. “Simple Fund 360 now supports over 120 data feeds from banks, brokers, wraps and Xero”.

“BGL’s Data Services Team have now prepared over 70,000 bank account authority forms over the past 18 months. And our contract note service has processed over 135,000 trades valued at over $2.75b. The number of BGL clients moving to BGL automation services and Simple Fund 360 is increasing everyday” according to Lesh.

“There has been a lot of SMSF industry talk about automation, integration, audit, etc over the past few months. I think a lot of our clients still have their heads in the sand. A recent BGL client survey of over 500 firms found 63.93% of our clients have no plans to implement data automation in the next 3 years. The SMSF industry (and their clients) will pass them by if they remain ostriches” said Lesh.

Simple Fund 360 has now been released to over 600 BGL clients representing almost 50,000 SMSFs. “We have put some rules around the funds clients can migrate to Simple Fund 360. We need clients to be setting up automation before they migrate their funds to Simple Fund 360. Although CSV and MYOB BankLink data uploads and manual data input is available, it is automation that really provides clients with the benefits of the cloud” Lesh said.