Here are three things that I hope you find of value: One Industry news, One BGL news, and One tool to help your firm.
Industry News
Jim Chalmers announced that the government would be looking to implement the 120% tax deduction for small businesses that invest in training and digital uptake. Furthermore, they are looking to backdate this to the 29th of March.
This means that as long as your firm has an annual turnover of less than $50 million and invests in digital technology by 30 June 2023 the tax deduction can be claimed. A good accountant will tell you that it never makes sense to spend just for the sake of receiving a deduction. But as the old saying goes, you need to spend money to make money, right?
BGL News
At BGL it was business as usual, as we won the SMSF Adviser 2022 award for Best SMSF Software Provider. This award is especially coveted by the SMSF software space as it relies on accounting firms actually casting their votes rather than the advertising spend allocated to whoever is running the award.
BGL Hint
If you need a high impact on efficiency with a low cost of implementation, look no further than BGL’s Share Data Pack – which is available as an “add-on” for BGL’s Simple Fund 360 and Simple Invest 360 Professional Edition software subscriptions at just $40 plus GST per fund/entity, per annum (Learn More). The Share Data Pack will:
- Confirm balances back to major registries on a quarterly basis.
- Automatically import contract notes from the broker
- Update investment balances
For anyone that has spent time logging into the share registry by each single investment, inputting HIN and postcode to check that unit balances are correct, they will know that having all that information available on-screen and up to date is a lifesaver.
Furthermore, recent updates mean that now the investment balances are updated within minutes of an order being executed by the broker. Did somebody say real-time data?
For a detailed explanation of BGL’s Share Data Pack, watch our webinar recording at https://youtu.be/G15CRnDt1gY.
Otherwise, simply click watch our quick video below!
