New Features - October 2019 Release (17/10/2019)

New Features


  1. Workpapers: Workpapers have been released to Beta Clients. Workpapers has been designed to make your year-end compliance program efficient, speeding up the time to get the fund to audit. Workpapers allows you to store documents and record all evidence obtained during the preparation of the financial statements whilst ensuring the SMSF complies with all relevant laws during the Financial Year.

  2. Crestone Data Feed: Crestone Wealth Management: Users will now be able to import investments into Simple Fund 360 via a daily data feed from Crestone Wealth Management.

  3. Carried Forward Unused Concessional Contribution Cap: Fund members may be entitled to contribute more than the general concessional contributions cap (currently $25,000) and make additional concessional contributions for any unused amounts. Updates have been made in Simple Fund 360 to help administrators better identify any cap space avaiable.

  4. Smart Matching - Net balance of transactions: When selecting multiple transactions in the smart matching screen, the net balance is now displayed.

  5. Smarter SMSF Document Integration:
    A unique and innovative solution combining Simple Fund 360 and Smarter SMSF documents. You can now order a new SMSF directly from within Simple Fund 360, saving you significant time in the process where upon completion, the order will automatically create the fund for you.
    For more information click here.

  6. BGL Engage - Mobile App:

    • Feedback: Send your thoughts about the mobile app straight to BGL’s development team. Feedback about the app can now be sent through BGL Engage.

    • 5 Year Carried Forward Cap: Keep on track of your funds’ members’ Five Year Carried Forward Unused Concessional Contribution Cap. Quickly and easily identify any cap space available all from BGL’s newest Mobile App: BGL Engage.

Improvements


  1. GST: GST on Purchase/Disposal can now be recorded in cost base adjustment journals (return of capital, installment).

  2. Netwealth wrap feed:

    • Foreign investment transactions now have the ability to be switched off

    • Fixed an issue with old transactions being marked as incomplete

  3. Caltex (CTX) share buy-back: A link is now provided in the Corporate Actions screen showing how to process this share buy-back. See 2019 Caltex (CTX) Share Buy-Back for more information.

  4. BHP (BHP) share buy-back (2018): The link in the Corporate Actions screen now displays steps for processing this specific share buy back in detail.

  5. Registry Data Service - Default HIN/SRNs: Save time when setting up invesments for the
    Registry Data Service. Previously saved HIN and Postcodes are now automatically applied to
    newly created investment accounts.

  6. Chart of Accounts: UI and quality of life improvements made to the Chart of Accounts screen:

    • Page selectors now follow the lower right corner of your screen.

    • Number of chart accounts displayed per page can now be changed.

    • Header row is now frozen and will always be visible while scrolling.

    • When editing a chart account, you will now be returned to the same place in the chart of accounts when saving the edited account.

  7. Members Statement: A new field Death Benefit Pension has been added to the Member more details section. This indicates whether the member is receiving a death benefit pension and is visible in the Member Statement report for the member.

  8. Contribution Transaction - More details: The label for Any Other contribution types now correctly indicates that Super Co-contributions and Low Income Super Contributions can be recorded to its field.

  9. Date entry: Date picker updated in multiple screens to more accurately guess years from ambiguously entered dates.

  10. Migration: When the Simple Fund Desktop migration utility detects multiple related transactions, the generated narration for the transaction is SF360 Migration Consolidated Entry.

  11. Distribution Tax Automation: Improvements made to the Distribution Tax Automation screen:

    • When creating a new journal transaction type, the prefilled accounts are now Distributions Receivable (Asset) and Distributions Received (Income).

    • The paper clip icon (indicating a transaction with an attachment) now remains visible when a transaction has an attachment.

    • The visible columns selected are now remembered next time the page loads

  12. Contacts: Selecting a contact in the Fund Relationships screen allows that contact to be edited. When saving any changes made to the contact, you will now be returned to the Fund Relationships screen.

  13. Transaction Entry: The date field is now highlighted when a new transaction is begun. This allows the date to be immediately entered.

Errors Corrected


  1. Registry Data Service: Corrections have been made to the Registry Data Service. Bendigo and Adelaide Bank Limited (Ben.AX) will now display balances correctly under Boardroom.

  2. GST - Investment Purchase/Disposal: Recording GST amounts on Investment Purchase/Disposal transactions no longer affects the brokerage recorded amount in the transaction.

  3. GST - Return of capital: Fixed an issue where return of capital transactions would post GST amounts to the wrong side.

  4. Depreciation: Cost base adjustments are taken into account when calculating depreciation amounts in the Depreciation Schedule screen.

  5. Detailed Operating Statement: Various fixes including:

    • Fixed an issue where comparative year amounts for Changes in Market Value in the Detailed Operating Statement did not match the regular Operating Statement.

    • Sub accounts are now displayed in alphabetical order.

  6. Lodging Party report: The Lodging Party report now shows the correct count of funds associated with a lodging party.

  7. Deduction Notice Form: Fixed an issue where report packs containing a Deduction Notice Form would display the Deduction Notice Form first ignoring other forms earlier in the report pack.

  8. Investment Performance report: The Purchases and Sales columns have been renamed to Purchases/Additions and Sales/Reductions respectively to be more consistent with deprecation amounts appearing in the report.

  9. Statement of Taxable Income report: Fixed an issue where Label D Tax Offsets were not visible in the Statement of Taxable Income report.

  10. Superstream: Various fixes including:

    • Fixed an issue where search input and label filters were not being remembered when changing tabs.

    • The fund count across all tabs in the Superstream screen is now consistent with the Total Funds Administered count.

    • Fixed an issue where the count displayed was not taking into account Fund Name or Label filters being applied.

  11. VTS.AX Income Data: ASX Income Data added for VTS.AX on 26/10/2018.

  12. Pension Summary report: Fixed an issue where the “Pension Summary” report would not generate where there existed pension accounts commenced after the current financial year being processed in the fund.

  13. Quick fund set up: When creating a fund, the formation date of the fund can no longer be after the start date of the financial year.

  14. Distribution Tax Automation: Various fixes including:

    • An error message will now be displayed in the Distibution Tax Automation screen for investments with more than 1 distribution account (23800 or 27000).

    • Fixed an error that would arise in certain scenarios when calculating the Accrual required to be posted at year end.

  15. Lump sum payment transaction: When posting Lump Sum Payment transactions, the preservation components used to pay the lump sum payment are prefilled in the following order:

    1. unrestricted non-preserved
    2. restricted non-preserved
    3. preserved
  16. Pension payment transactions: Tax withheld amounts are taken into consideration when calculating the payment amount where the percentage is less than 100%.

  17. Return of capital transactions: Parcels with a negative cost base are now unselectable.

  18. Custom Reports merge field: Fixed an issue with the «${FundTaxReturnBankAccountName}» field that would occur in funds with a & character in their fund name.