New Features - May 2020 Release (14/05/2020)

New Features


  1. Tax Time 2020: Now available in May! This will be the earliest release of the SMSF Annual Return in BGL’s History. This tax release is jam-packed and includes several features that you will be able to get your hands on immediately:

    • New User Interface updates.
    • Tax Return and schedule PDF’s.
    • Create Entries tax calculations to prepopulate the SMSF Annual Return.
    • Electronic validation and lodgement - unfortunately, lodgement will not be enabled until returns are accepted by the ATO.
    • 2020 Financial Year Wind ups.
    • TBAR Rollover 2020/21 updates
    • Chart of Account tax label updates for 2021
    • Simple Fund Desktop tax return import.
    • Fund Transfer process updates

To review the changes for the 2020 tax return, Click Here

  1. 2020 Fact Finder Report: The 2020 Fact Finder report has been released and now available in the Reports screen.

  2. Coming Soon: The 2020 SMSF Annual Return can be exported for lodgement to Xero Tax. Refer to Export SMSF Annual Return to Xero

  3. Covid-19 Early Release Lump Sum Minute: Early release of funds to lessen the economic impact of COVID-19. Members can request to take up to $10,000 out of their super fund if they meet conditions of the Coronavirus superannuation scheme. Simple Fund 360 Users can now create a minute to reflect this request.

  4. Account 85000 - Income Tax Payable/Refundable: 19-20 and 20-21 financial years are now selectable in the More Details 85000 account; Supervisory levy will also be calculated as $259.00.

  5. Smart Matching: Simple Fund 360 now provides you with the ability to download data directly from the Smart Matching screen to CSV format for a quick import into Excel or other data analysis programs. For more information check out the Smart Matching help.

  6. Feeds: A new daily feed from Bell Potter has been added, automatically importing LRBA and investment data on a daily basis.

    algorithm improvements have been made to the feed so Dividends and loan interest expense transactions which will now be automatically matched.

    Existing Macquarie Equity Lever accounts which ceased on 30/06/2019 have been automatically migrated to the new Bell Potter Equity Lever feed.

  7. NEW integration added to the Order Documents page for COVID-19: Temporary Rental Relief from Smarter SMSF. Clients can now order Documents and generate documents to provide a period of temporary rental relief in accordance with the ATO’s guidance where the SMSF is the Lessor. Click here for more detail.

  8. New integration added to the Order Documents page for COVID-19 from Smarter SMSF. Clients can provide a period of temporary LRBA loan relief in accordance with the ATO’s guidance where the SMSF has a related party LRBA loan. Click here for more detail.

Improvements


  1. Notes to financials will display default texts regarding COVID-19 unless other notes are added.

  2. Projected Pension Payment Report will display footnotes reflecting the update on minimum pension payment due to COVID-19.

  3. Property Dashboard: LRBA option will be added to property dashboard and will also be linked to the property settings in the Chart of Accounts.

  4. Early Access to Super transactions under COVID 19 condition will display a message reminding of preservation components on withdrawal.

  5. Chart of Accounts: Control Account will display on the same screen when creating a sub-account.

  6. CGT rate will default to 50% for distributions from supported wraps and platforms unless otherwise indicated.

  7. Analytical Insights: Simple Fund 360 users will be able to search for transactions under specific special conditions under Early Access to Super Type.

  8. Trustee Query: A picture is worth a thousand words, Trustee Query will now support image uploads.

  9. Auditors can be notified from Workpapers screen once connected via BGL API. Currently available for ASF Audits.

  10. Workpapers will display the print date on the cover page when exported.

  11. Warning message will display on the Statement of Taxable Income when distribution tax component review is not completed.

  12. Feed Management Screen:

  • Displays alerts when there are issues with particular data feeds
  • Import CSV and MYOB Banklink File import options will both be available on this screen
  • Broker CSV import function will be accessible on this screen
  • Create Authority Form for a feed is available on this screen
  1. User Roles: Changes have been made to user accounts that are not authorised to manage bank data feeds, bank details will not fully display.

Errors Corrected


  1. Dividend reconciliation report: The report now correctly shows income interest from unitised investments.

  2. Contribution breakdown report: The borderline and header have been added to the Contributions Breakdown Report when generated in Word.

  3. Segregated Statement of Financial Position: The Segregated Statement of Financial Position now features the Liability LRBA accounts associated with a property.

  4. Segregation Dashboard Screen: The pool balance and estimated pool allocation are now including the Liability LRBA account.

  5. Annual Return Validation: When changes to the form status are made, the ‘Validate by’ field keeps the name of whoever validated the annual return, instead of who updated the form status.

  6. Trustee Minute: Trustee minute can now generate when common settings are on and off.

  7. Notes to Financial Statements: There is no longer extra spacing in the form of a blank section in this report.

  8. Fact Finder Report: The Fact Finder – 2018 is the only fact-finder report that is generated in the 2018 financial year.

  9. Deleting a fund: Users can now delete funds when a property valuation exists in the property dashboard screen.

  10. Editing a Return of capital or disposal: When editing a Return of capital or disposal where the parcel is fully disposed, parcel selection and CGT calc are now displayed.

  11. Downsizer contribution form: Downsizer contribution into superannuation form is now correctly formatted.

  12. Investment security list search: The search function in the security screen can now locate results when the search only contains part of the word that is being searched for.

  13. SmartSign documents: Users are now able to delete documents if no one has signed.

  14. SmartSign digital signature certificate: The digital signature certificate no longer incorrectly states that the user has signed the documents when they have uploaded the documents for signing.

  15. Enhanced privacy toggle: Users can no longer see the ABN in the fund dashboard when the Enhanced Privacy Toggle is on.

  16. Xero: Xero transactions without narrations now import into Simple Fund 360.

  17. Editing Disposal: When editing a disposal, in the more details section, the parcel selection section with the previous parcel selected now displays.

  18. Editing Return of Capital: When editing a Return of Capital, in the more details section, the parcel selection with the previous parcel selected now displays.

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