Skip to main content
search
All Posts By

BGLCorp

Simple Fund 360 and Simple Invest 360 Product Update – 20 February 2025

By BGL Update, Simple Fund 360, Simple Invest 360No Comments

What's New?

Open Banking
BGL’s open banking integration with Skript is now available to all Simple Fund 360 and Simple Invest 360 clients. It provides BGL with a direct bank data feed from over 110 banks (all banks in Australia), including closed accounts, term deposits, loan accounts and transaction data from 2018. Learn More 

BGL SmartDocs
BGL’s AI-powered document reader, BGL SmartDocs, now processes ATO Business Activity Statements (BAS), extracting key details such as GST/PAYG amounts owed or refunded. If transactions are coded at the time of upload, BGL SmartDocs will automatically attach the BAS file to the corresponding transactions for seamless record-keeping. Learn More 

New Data Feed
The new Wrap and Platform data feed with CFS Edge provides daily bank, investment movement and income transactions. Learn More

Journal Reversing Entries
Transaction Journals can now be set as Reversing Journals to be reversed at a future date. Learn More

Corporate Actions
2 new mergers have been added to Corporate Actions:

  • SXG: 27 January 2025
  • LRS: 4 February 2025

Plus, many more new features and improvements.

Stay tuned for future releases!

Jeevan Tokhi
GM – Product
E: JTokhi@bglcorp.com.au | P: 1300 654 401
Connect with me on LinkedIn

February 21, 2025
Love0

Simple Fund 360 and Simple Invest 360 Product Update – 23 January 2025

By BGL Update, BGLiD, Simple Fund 360, Simple Invest 360No Comments

What's New?

BGLiD Identity Verification
Simple Fund 360 and Simple Invest 360 clients who sync their contacts with CAS 360 will now see the BGLiD verification status displayed in the Contact screen. Click here for instructions on how to synchronise your contact database.

Consolidated Reporting
The Consolidated Reporting screen can now combine investment, tax and financial data across multiple entities into one Consolidated Investment Report with a customisable layout. Learn More

Entity Dashboard
An entity’s ABN is now automatically validated using the ABR Lookup to ensure the ABN is active and that the GST status matches the entity’s details. Learn More

Corporate Actions
2 new mergers have been added to Corporate Actions:

  • CAJ: 22 December 2024
  • AME: 9 December 2024

Plus, many more new features and improvements.

Stay tuned for future releases!

Jeevan Tokhi
General Manager of Product – Simple Fund 360, Simple Invest 360 and BGL SmartDocs 360
E: JTokhi@bglcorp.com.au | P: 1300 654 401
Connect with me on LinkedIn

January 24, 2025
Love0

Simple Fund 360 and Simple Invest 360 Product Update – 14 November 2024

By BGL Update, Simple Fund 360, Simple Invest 360No Comments

What's New?

Global Audit Management
A new Global Audit View is now available to track audits at a firm level and display analytics on their progress. Learn More

Open Banking (Closed Beta)
BGL’s open banking integration with Skript provides Simple Fund 360 and Simple Invest 360 with direct data feeds from over 110 banks (all banks in Australia), closed accounts, term deposits and loan accounts. To request beta access, email SF360beta@bglcorp.com.au.

Transaction Recode (Open Beta)
The new Transaction Recode screen is now available to all users with access to the Transaction Recode user role. It supports the re-coding of all Investment transactions as well as select income, expense, asset and liability transactions. Learn More

Custom Form Status
A custom status can now be added to SMSF Annual Returns, BAS and IAS forms. Learn More

Entity Relationships
A new Copy All Emails function in the Entity Relationships screen provides quick copying of all contact email addresses to a clipboard or an email. Learn More

Documents
A Digital Signing Audit Report is now available for download in the Documents screen. The signing providers (FuseSign, DocuSign and Adobe Sign) issue these reports to certify digital signatures with signer details like identity, IP address and more. Learn More

Mobile View
A new mobile-friendly view is available for core functions, including logging in, setting and resetting multi-factor authentication (MFA) and passwords.

Smart Reports
The Smart Reports period dropdown now has new “Year to Date” and “Since Inception” options. Learn More

Plus, many more new features and improvements.

Stay tuned for future releases!

Jeevan Tokhi
General Manager of Product – Simple Fund 360, Simple Invest 360 and BGL SmartDocs 360
E: JTokhi@bglcorp.com.au | P: 1300 654 401
Connect with me on LinkedIn

November 14, 2024
Love0

Simple Fund 360 and Simple Invest 360 Product Update – 3 October 2024

By BGL Update, Simple Fund 360No Comments

What's New?

Contract Notes Service
A new Contract Notes transaction export has been introduced to make transaction analysis and reconciliation easier. Learn More

Document Uploader Widget
In the Documents screen, when a folder is selected from the left-hand side list, uploading a document via the new widget will automatically prefill the respective folder name. Learn More

Plus, many more new features and improvements.

Stay tuned for future releases!

Jeevan Tokhi
General Manager of Product – Simple Fund 360, Simple Invest 360 and BGL SmartDocs 360
E: JTokhi@bglcorp.com.au | P: 1300 654 401
Connect with me on LinkedIn

October 3, 2024
Love0

Simple Fund 360 and Simple Invest 360 Product Update – 12 September 2024

By BGL Update, Simple Fund 360, Simple Invest 360No Comments

What's New?

AuditCover Integration
The integration with tax audit insurance provider AuditCover allows Simple Fund 360 clients to offer their SMSF clients an option for cover against unexpected accounting fees when responding to tax audits. With AuditCover, your clients hold their own policy so that admin is minimal and renewals are automated. Learn More

This feature is exclusively available in Simple Fund 360.

Macquarie Account
The Open New Macquarie Account feature initiates the account opening process at Macquarie with prefilled information, making it more streamlined and efficient. Learn More

Wind Up Wizard
The new Wind Up Wizard provides a step-by-step process for winding up a fund and managing SuperStream payments. Learn More

This feature is exclusively available in Simple Fund 360.

Trust Income Schedule
A new CSV import feature enables the bulk import of schedules without modifying transactions. Learn More

Investment Income Generation
The new Investment Income Generation feature assists in capturing income for all entity types where a bank feed is not available. Learn More

Feed Management
A new Registry HIN/SRN Report feature provides an export of HIN/SRN and postcode information for investments across all entities. Learn More

BGL SmartDocs – Unmatched Transactions
BGL SmartDocs now extracts data from ASIC invoices and council rates. When an ASIC or Council Rates transaction has a relevant document attached, BGL SmartDocs will now automatically locate the document and display it in the Smart Matching screen. Learn More

BGL SmartDocs – Coded Transactions
As BGL SmartDocs now extracts data from ASIC Invoices and Council Rates notices, when a document is uploaded after a transaction has been coded, BGL SmartDocs automatically attaches the document to the transaction. These files will also seamlessly flow into the Accounting Workpapers. Learn More

Corporate Actions
4 new mergers have been added to Corporate Actions:

  • SIH: 14/08/2024

  • PGL: 02/08/2024

  • ALU: 02/08/2024

  • AWC: 02/08/2024

Plus, many more new features and improvements.

Stay tuned for future releases!

Jeevan Tokhi
General Manager of Product – Simple Fund 360, Simple Invest 360 and BGL SmartDocs 360
E: JTokhi@bglcorp.com.au | P: 1300 654 401
Connect with me on LinkedIn

September 12, 2024
Love0

BGL integrates with Digital Rapport to revolutionise SMSF reporting

By BGL Update, Simple Fund 360No Comments

BGL is proud to announce its integration with Digital Rapport, an AI-driven reporting platform revolutionising SMSF financial reporting.

“We are excited to welcome Digital Rapport to the BGL Ecosystem,” said BGL’s Chief Executive Officer, Daniel Tramontana. “This integration will help accountants communicate more efficiently and effectively with their SMSF clients. Likewise, it will help trustees better understand their financial data and engage in a meaningful way.” 

Digital Rapport revolutionises client-accountant communication by creating AI-powered, data-driven videos. This automation enhances engagement with easy to understand visual reporting. The integration connects Digital Rapport with BGL’s award-winning SMSF administration software, Simple Fund 360, via BGL’s free open API.

David Cowling, CEO and Founder at Digital Rapport said: “The integration of Digital Rapport with Simple Fund 360 is a game changer for how trustees consume and engage with their financial information. Being an agile and engaging tool, video enhances how accountants report financials to trustees. With seamless data integration, accountants can create a 2-3 minute AI-driven video, narrated in their AI voice, to deliver key highlights of SMSF fund performance. These videos take just minutes to create, are customised with a firm’s unique branding and showcase crucial financial data in a dynamic and easily digestible format.”

Brad Wilkinson, Head of Ecosystem at BGL, said: “This collaboration underscores our commitment to leveraging innovative technologies to enhance the services available to our clients, enabling them to deliver superior service and insights to SMSF trustees”. 

Digital Rapport is a proud sponsor of BGL REGTECH 2024, Australia’s premier accounting technology event taking place in Adelaide (14/08), Perth (15/08), Brisbane (21/08), Sydney (22/08), Hobart (27/08) and Melbourne (29/08). Register for free today and visit the Digital Rapport team at their exhibition stand.

July 22, 2024
Love0

Simple Fund 360 and Simple Invest 360 Product Update – 20 June 2024

By BGL Update, Simple Fund 360, Simple Invest 360No Comments

We’re excited to share the latest Simple Fund 360 and Simple Invest 360 updates, which include the 2024 Trust and Company Income Tax Returns!

What's New?

2024 SMSF Tax Time Updates

2024 Income Tax Returns: This release supports the 2024 Trust and Company Tax Returns with updates to the PDFs and the Simple Invest 360 user interface.

New ATO Trust Income Schedule: From the 2024 income year, entities receiving 1 or more distributions from trusts (including ETFs, managed funds, and stapled securities) must complete and attach a Trust Income Schedule to the tax return. Simple Invest 360 will automatically populate this as part of the year-end process.

Tax Component Fields: New tax component fields have been added in the following areas:

Previous Year Figures: The option to display the prior year’s tax return detail is now available.

2024 Trust Tax Return: 6 additional Capital Gains labels have been added to the Statement of Distribution section of the tax return. New fields have also been added to accommodate the small business energy incentive.

2024 Company Tax Return: New fields have been added to accommodate the small business energy incentive and digital games tax offset.

The above 2024 Trust and Company tax time updates are exclusively available in Simple Invest 360.

2024 SMSF Annual Return
The ability to export the 2024 SMSF Annual Return to other tax lodgment platforms is now available. Integrated platforms include:

Document Splitting
The Document Viewer on the Documents Screen now allows document splitting. If BGL SmartDocs detects separate documents in a PDF file, it will automatically split the document and determine the new document name.

Documents Screen Enhancements

  • The filter was redesigned to provide instant results across all filter types.
  • Any page can now be selected via the Page selector.
  • Document Details have been separated into tab groups.
  • The vertical separator line can now be adjusted.

Documents Viewer Improvements

  • Next or previous document navigation with a preview for PNG and JPEG image files.
  • The vertical separator line can now be adjusted.
  • The option to delete the document being viewed.
  • Digital Signing information is now displayed.

New and Updated Reports

  • Fund Snapshot Report for SMSFs (Simple Fund 360 only)
  • Trustee Declaration and Notes to Financial Statements (Reporting entities) per the 2024 XYZ Financial Statements (updated)
  • Franking Account Worksheet for Companies (Simple Invest 360 only)

Your Feedback
We have introduced a new AskNicely for your feedback. Your feedback is closely monitored to ensure the continuous improvement of Simple Fund 360 and Simple Invest 360.

Plus, many more new features and improvements.

Stay tuned for future releases!

Jeevan Tokhi
General Manager of Product – Simple Fund 360, Simple Invest 360 and BGL SmartDocs 360
E: JTokhi@bglcorp.com.au | P: 1300 654 401
Connect with me on LinkedIn

June 20, 2024
Love0

Tax Time Tips: How to Prepare Your Clients for Lodging

By BGL Update, Simple Fund 360, Simple Invest 360No Comments

As we approach the end of the 2024 financial year, it’s essential that you understand all BGL-recent Simple Fund 360 and Simple Invest 360 updates. This knowledge will help you prepare for tax time and ensure your clients are ready for lodging. The changes outlined below are significant and require your immediate attention. 

New - Trust Income Schedules

Changes to SMSF, Trust, and Company Tax Returns will take place on 1 July 2024 as part of the ATO’s Modernisation of Trust Administration Systems (MTAS) project. These changes affect lodgements for the 2023–24 income year onwards and include:

  • Labels in the statement of distribution, which forms part of the Trust Tax Return, have been modified to improve the reporting of beneficiary details. 
  • All trust beneficiary types (including SMSFs) who receive trust income must now lodge a new Trust Income Schedule with their SMSF, Trust and Company Tax Returns.

Simple Fund 360 and Simple Invest 360 have been updated to accommodate these changes. Follow the links below for more information:

2024 SMSF Annual Return

The good news is that the  ATO did not change the 2024 SMSF Annual Return this year.

BGL released an update to Simple Fund 360 on 30 May 2024 to support the new return, including for funds that have been wound up. The new Trust Income Schedule was also included in this release and will affect many SMSFs. Learn More

The SMSF Annual Return can be lodged using Simple Fund 360, or if your firm uses Xero Tax, you can send it directly to Xero for lodgement.

From the 2024 income year, if an SMSF receives one or more distributions from trusts, including (ETFs, Managed Funds, & Stapled Securities), you must complete and attach a Trust Income Schedule to the SMSF Annual Return.

The ATO expects any investment with trust income recorded in the SMSF Annual Return at item 11 Income – labels A, D, M or U2 to complete a Trust Income Schedule. After Creating Entries for the 2024 Financial Year, Simple Fund 360 will automatically create a schedule for each investment that receives a distribution during the financial year. Learn More

2024 Trust Tax Return

The 2024 Trust Tax Return in the Statement of Distribution section has 6 additional Capital Gains labels to match the new Trust Income Schedule. New fields have also been added for the small business energy incentive.

From the 2024 income year, if you received one or more distributions from trusts, you must complete a Trust Income Schedule and attach it to the tax return. This will be automatically populated by Simple Invest 360 as part of the year-end process.

As part of the year-end process, Simple Invest 360 allows you to automatically post inter-entity journals where a group has multiple trusts. This will help avoid data duplication and ensure the accuracy of Tax Components. Learn More

What is Simple Invest 360?

Simple Invest 360 is the complete accounting, investment and tax solution for non-SMSF entities – taking you from bank transaction feed data to tax return lodgement with everything in between! Leveraging BGL’s advanced AI technology, Simple Invest 360 can also automatically extract data from bank statements, rental statements, property settlement statements and annual tax statements to match transactions to the ledger.

New - Family Tax Election

A Family Trust Election form can now be created and lodged via Simple Invest 360 for Trusts. Learn More

2024 Company Tax Return

The 2024 Company Tax Return has new fields to cater to the small business energy incentive and Digital Games tax offset.

From the 2024 income year, if you received one or more distributions from trusts, you must complete a Trust Income Schedule and attach it to the tax return. This will be automatically populated by Simple Invest 360 as part of the year-end process. Learn More

Coming Soon

Later this year, BGL will import Due Dates for all entities directly from the ATO and you will be able to lodge Return Not Necessary (RNN) Forms.

Jeevan Tokhi
General Manager of Product – Simple Fund 360, Simple Invest 360 and BGL SmartDocs 360
E: JTokhi@bglcorp.com.au | P: 1300 654 401
Connect with me on LinkedIn

June 17, 2024
Love0

Enhancing your customer experience with BGL

By BGL UpdateNo Comments

At BGL, we are committed to consistently improving and enhancing our customer service to ensure you always have the best possible experience with us.

We pride ourselves on making our clients our top priority and we are excited to announce we have been working on some significant improvements that will make your interactions with BGL faster, easier and seamless.

Here are some of the key enhancements we have implemented so far:

Streamlining Communication: We’re excited to announce the introduction of our new phone system, Dialpad! Dialpad will ensure you reach the right team or team member faster than ever. Dialpad connects you directly to a support consultant, client success consultant or Account Manager without the need for explanations to our Admin Team.

Providing Feedback: To complement our existing ‘Provide Feedback’ function in our cloud software solutions, we’ve added AskNicely to help us create an instant net promoter score. With just a click, you can share your thoughts on our products and services, helping us celebrate the things we are doing well and telling us where we are not so we can work hard to resolve your concerns and issues faster.

Enhancing Your MyBGL Experience: We are working on several improvements to make MyBGL, your online portal for managing your BGL account, better. The first changes will make it simpler for you to register for BGL training and events.

BGL is confident that these enchantments, with many more to come, will make your experience with us more enjoyable and rewarding. As always, we remain committed to providing you with remarkable experiences.

Thank you for your continued support and feedback. We look forward to advising you of more changes to enhance your customer experience with BGL in the coming months.

Adriana Cavallo 
General Manager – Customer Experience (APAC)
E: ACavallo@bglcorp.com.au | P: 1300 654 401
Connect with me on LinkedIn

May 28, 2024
Love0
Close Menu
Menu