New Features - May 2019 Release (30/05/2019)

New Features

  1. Tax Time 2019: One of the most frequently asked question on support in June and July is ‘when will I get my new SMSF Annual Return?’
    Thanks to BGL’s commitment to technology and continuous delivery we hope to make sure this is the least asked question on Support.
    Now released in May, this will be the earliest release of Tax Time for SMSF Annual Return in BGL’s 20 Year History. To see the changes for the 2019 tax return, click here.
  2. SSO with Federal Identities (SAML): BGL will allow users to sign in through enterprise identity providers such as Azure Active Directory via SAML.
  3. Arithmetic calculator: Simple Fund 360 now supports the ability to enter arithmetic calculations in all Debit and Credit fields. Users have the ability to do arithmetic in the amount fields (e.g. enter 1 + 3 = 4) within transactions. Simply enter an equation into any debit/credit field and watch Simple Fund 360 instantly populate the calculation.
  4. Retroactive Tax Effect Accounting: When Tax Effect Accounting is ticked, Simple Fund 360 will now calculate PDIT from the fund’s inception when tax affect accounting not switched in it’s first year.
  5. Export SMSF Annual Return to Xero: The 2019 SMSF Annual Return export to Xero is now supported
  6. 2019 Audit Workpapers: The 2019 Audit workpapers are now available in the Reports screen
  7. Simple Dietz Investment Dashboard: Quickly review the balances and performance across all investment classes with Simple Fund 360’s new interactive data visualisation charts.
  8. Fast Data Entry: Quickly remove all invalid entries currently entered in the fast data entry screen by clicking on Clear Invalid Entry.

Improvements

  1. Chart of Accounts: Ability to deselect ‘Attach to all funds’ option in the Chart of Accounts (Investment sub accounts only)
  2. Pension Dashboard: Now supports the 2019/20 financial year.
  3. Centrelink/DVA Schedule: If there’s reversionary beneficiary, Relevant Number now looks at the longer life expectancy factor of either the primary or reversionary pension beneficiary.
  4. 85000 Tax Instalments: The 2019/20 year is added to the financial year drop down in the More Details section.
  5. Distribution Reconciliation Report: Net Cash Distribution and Variance (if any) are now displayed at Investment level (sub-total) only instead of at transaction level.
  6. Transactions Filter: The Account filter now provides a search drop down.
  7. Transactions Screen: Added the ability to sort the Transaction screen by Description.
  8. Depreciation – Depreciation posted is pro-rated based on the depreciation date. The write off function improved to post automatic disposal entries. Improvements to the calculation of the Non-deductible capital works. A posted depreciation column added to easily track current year depreciation amounts. Links added in the Depreciation screen to access ATO resources
  9. Fund Transfers – The Depreciation Schedule is now included in the data transferred
  10. The control account name is now included when hovering over the account under an account selector
  11. Smart Matching: The Smart Matching screen can now properly read and apply split rules
  12. Account View: Displays GST information (if any) for all accounts
  13. Account View: A link to the Transaction List added to each transaction under Account View. See Account View for more information.
  14. Morgans Wealth+: The Morgans Wealth+ feed now supports Contract Dates. This allows for historical purchases to be recorded correctly for CGT purposes.
  15. Asgard and HUB24 feeds: A toggle option has been added to include/exclude distribution components from Asgard and HUB24 feeds. Gives flexibility to have all distributions imported with zero components and for summary figures at year-end to be entered. See Asgard and HUB24 for more information.

Errors Corrected

  1. Chart of Account: 38200 Fines tax label now defaults to Non-Deductible.
  2. Disposals: The wording used when there are insufficient units to dispose has been updated.
  3. Fairfax (FXJ) Merger: The market value has been corrected.
  4. Securities screen: Corrected the error 500 generated when a user adds a security code which already exists.
  5. Contacts: Able to now add an email beginning with numeric value.
  6. Rollover transaction: Internal server error now corrected when attempting to delete contact being used in Rollover transaction.
  7. Pension Conversion: Financial year is now set correctly in the TBAR entry for IRS event.
  8. Transactions: Gridlines and shading now appearing correctly on Firefox.
  9. Transaction Screen: After resaving a transaction, the transaction screen will refresh to the page the transaction screen was previously on.
  10. Transaction Screen: Action buttons remain active after the match button has been selected.
  11. Tax: Carried Forward Capital losses & Tax Losses From Prior Years entered through ‘View Losses’ Section not flowing through to Losses Schedule issue has been corrected
  12. Deduction Notice & Request Letters: Now only displays members who have made contributions.
  13. Member Statement: Nominated Beneficiaries full name now displaying in the members statement.
  14. SMSF lodgement: Duplicate SMSF Return lodgement removed
  15. BAS: BAS Form A (Simpler BAS) Label W1 / W2 now populating correctly when there is no tax withheld.

Webinar

Check out our recorded webinar that covers all the new features and how best to use them:

Hi,

Great update, especially the arithmetic calculator in the fields - too easy!

I have a question about Improvement #1: Chart of Accounts: Ability to deselect ‘Attach to all funds’ option in the Chart of Accounts (Investment sub accounts only)

Can I deselect the “Attach to all funds” if there are some funds which use the account, and therefore have transactions posted?

For example, ANZ Limited is attached to all funds, but not all funds use or have used this account. I would like to tidy this up so that only those funds which use or have used the code are selected.

This will make the Connect>Share Data screen more useful if it lists only those shares which the fund actually holds, not all the share accounts attached in the chart.

Thank you in advance
Phoebe