New Features - July 2020 Release (30/07/2020)

Simple Invest 360 (EARLY RELEASE BETA)


Go beyond spreadsheets & unproductive General Ledger/Client Accounting. Grow your trust investment & portfolio management business with automated feeds and corporate actions. With consistent financials and CGT records stored securely in the cloud. Learn more about Simple Invest 360 [Click Here] and register your interest

New Features


  1. BGL Mobile App: An update has been applied to BGL Engage. Simple Fund 360 users will now be able to review the contribution and pension dashboards for the 20 - 21 financial year.

  2. Contract Note Service: 3 New Data Feeds are now supported, through the BGL Contract Notes Service:

    • PAC Partners
    • Beta Investing
    • Cognitive Wealth

    Click Here to review a list of all supported brokers.

  3. Feed Management: Provider Settings can now be entered and stored in Feed Management. You will now be able to enter credentials and view all information for feed providers that require you to enter credentials, such as Macquarie, HUB24, BT Wrap, IOOF, AET, & Bell Potter.

  4. Feed Management: From the Feed Management screen, use the File Import feature which will import transaction data directly into Simple Fund 360, and allow you to better manage any historical transactions that were previously uploaded.

  5. Detailed Investment Strategy Comparison Report: New report in Simple Fund 360 is now available. The report provides a breakdown of the latest asset allocation for each investment and identifies whether a system tag has been used to determine the current holding balance.

Improvements


  1. Distribution Tax Automation: We have simplified the 2020 tax season by providing you with distribution tax component data (system data) for over 80 commonly held investments. Click here to review all Supported Securities.

  2. Investment Strategy Comparison Report: Improvements have been made to the current bar chart, which will now use a detailed graph.

  3. Lodgement Status Report: The report will now include a column for Amount Due/Refundable. The report will use the data from the SMSF Annual Return, Section D Label S.

  4. Depreciation Schedule: When calculating depreciation for an asset purchased during the current financial year, Simple Fund 360 will use the Purchase Date, which is located in the Depreciation Schedule.

  5. Mobile App: When a user updates the financial period for Investments, BGL Engage will store the financial period as the default and we will automatically select the same period when the user visits any dashboards.

  6. Corporate Actions: The Return of Capital for Suncorp in the 2020 financial year is now supported and can be processed from the Corporate Actions Dashboard.

  7. COVID19 early release of Super: You will not need to pay tax on amounts released under COVID-19 early release of super and will not need to include these amounts in your tax return. BGL will not prepare any documentation for this transaction type. The Post and Prepare documents button will now not display when recording this type of transaction.

  8. Contract Notes Service: Enhancements have been made to help you manage the Contract Notes Service. You can review the date that the feed changed to ‘Feed Operating’. Furthermore, track all your brokers feeds which have been set up but not yet active, and to help identify which clients need a follow-up.

  9. Feed Management: Quick access shortcuts have been updated to direct users to our new Feed Management screen.

Errors Corrected


  1. Fixed: Some users were receiving an error 500 message when previewing the Detailed Statement of Financial Position.

  2. Fixed: When applying filters to The General Ledger Report to show accounts 41600 and 46000. The gross figures entered against the accounts will now display.

  3. Fixed: Character limitation improvements have been made in the SMSF Annual Return - Reason for amendments.

  4. Fixed: Updated spacing error found in the Trustee Resolution.

  5. Fixed: System dividend matching rule will now match transactions from Bell Potter to 23900 instead of 25000. The matching tolerance has also been increased, meaning the majority of dividend transactions will automatically be matched.

  6. Fixed: Investment Income Comparison Report - BHP 2020 final dividend appearing in the report as unreconciled.

  7. Fixed: Distribution Tax Automation: Column heading not aligned while using Chrome.

Integrations


  1. SMARTER SMSF: 6 New Documents can now be created directly from the Order Document Screen in Simple Fund 360.

    A. Minimum Pension Shortfall

    • Cost: $ 77.00
    • This form will create a trustee minute where a member has not met the minimum pension for an income year and wishes to self-assess to utilise the Commissioner’s General Powers of Administration to allow for the income stream to continue, allowing the fund to claim earnings tax exemption (ECPI).
    • Once generated, the user will receive an email with a link to download the following documents:
      • Trustee minute of minimum pension shortfall and claim tax exemption based upon Commissioner’s GPA concession.

    B. Lump-Sum

    • Cost: $ 77.00
    • This form creates lump sum documents to make a benefit payment from a member’s superannuation interest, including a cash lump sum, in-specie lump sum (asset transfer) and as part of a death benefit payment.
    • The following documents will be generated as part of the completed order:
      • Member request for lump sum
      • Trustee minutes regarding payment of lump sum
      • Trustee notification for lump sum payment

    C. Winding up an SMSF

    • Cost: $ 165.00
    • This form creates documentation relating to the winding up of a SMSF and includes details to determine whether benefits are payable to one or more members as part of the fund’s wind up by lump sum and/or rollover.
    • The following documents will be generated as part of the completed order:
      • Trustee minute regarding the decision to wind up the fund;
      • Trustee Notifications to Member(s) regarding transfer out of benefits; and
      • Trustee minutes on finalisation of wind-up process including transfer out of member benefits

    D. Upgrade or Change of Company Constitution

    • Cost: $ 154.00
    • The form creates documents to upgrade or change the company constitution in any of the following circumstances by special resolution:
      • Replacement of company constitution to a special purpose trustee company;
      • Replacement of a special purpose trustee company constitution to a standard company;
      • Variation of an existing special purpose trustee company constitution;
      • Variation of an existing standard company constitution.
    • The following documents will be generated as part of the completed order:
      • Special resolution of the directors; and
      • Constitution

    E. In-house asset (IHA) Loan Agreement

    • Cost: $ 220.00
    • This form creates documents to generate an In-House Asset (IHA) Loan Agreement between a complying SMSF and a related party in accordance with Part 8 of the SIS Act, which allows for a loan of up to 5% of the fund’s assets.
    • The following documents will be generated as part of the completed order:
      • IHA Loan Facility Agreement
      • Trustee Resolution
      • Notice of Loan Facility Agreement
      • Drawdown Notice for Advance from the Loan Facility

    F. Pension Rollback

    • Cost: $ 99.00
    • This form creates documents to rollback an Account Based Pension (ABP) or Transition to Retirement Income Stream (TRIS) to the accumulation phase.
    • The following documents will be generated as part of the completed order:
      • Member request to rollback pension
      • Trustee resolution to rollback pension
      • Trustee notification of pension rollback