Migrating 1/7/19 - adding assets with CGT relief

Hi there, I’m getting ready to migrate to SF360 1/7/19.

Is the process to record CGT relief within a holding, which is being entered as an opening balance 30/6/19 different to the instructions listed here for resetting the cost base. These instructions for recording CGT relief seemed to be aimed at the recording period within the 16-17 financial year.

Can you advise how to account for CGT relief when entering opening balances for a newly migrated SMSF which will run in SF360 from 1/7/19.

Thanks
Sue

Hi Sue - just wondering if anyone got back to you with a solution for this one? I’m just setting up opening balances for a new client brought over from another accountant who didn’t use BGL and they have elected to defer some of the gains from CGT relief in 2017. Will be completing 2019FY in BGL.

Hi @Christine and @SUEJAM

To record opening balances where you have investments with attached deferred notional gains, you can use the XML import feature in Simple Fund 360.

Broadly what you’ll need to do is record the investments in the Opening Balances tab and input the deferred notional gain amount for the investment parcel in the appropriate column.

The below knowledge base article goes through how to do this, check out the Investment Opening Balances section for details.

BGL Excel (XML) Import