How to change the year end tax calculation in BGL Simple Fund 360

This is my first year using BGL360 for my SMSF. I am about to create the year end entries.
For several reasons, the software will not create the correct amount of tax provision/refund once I initiate Create.

  1. The opening entries at 12/7/20 did not record the date of historical cost so BGL can’t calculate the correct CGT discount
  2. I find I am unable to enter the correct year-end tax info for Aust listed trusts
  3. Chicken and egg. I can’t finalise until I get the actuary’s report. I can only estimate the ECPI exemption

What I would like to do if possible is either override BGL’s tax calculation and instead create a journal entry myself Dr tax Cr Provision for tax, OR create a journal entry to adjust the tax provision to the correct amount, which I can calculate once I get the actuary’s certificate.

I’d suggest fixing the Historic Cost bases of all the assets before proceeding, otherwise you’re going to be fighting BGL create entries until all the pre 12/7/20 assets have been disposed of.

This might be what you are looking for to get the historics in properly;
https://sf360.zendesk.com/hc/en-au/articles/4406848368525-Quick-Data-Entry-Investment-History

1 Like