BGL believes the ATO has significantly underestimated the complexity of the new events-based transfer balance account reporting (TBAR) regime requirements, the amount of data that will be reporting and the impact on compliance costs on SMSFs and the broader super industry.
Analysis conducted by SMSF software provider BGL Corporate Solutions has indicated that around 290,000 SMSFs will be affected by the events-based reporting rules and that reportable events will occur more frequently than expected.
BGL has conducted our #TellTheATO Campaign designed to get the ATO rethink its approach to the proposed Transfer Balance Account Report (TBAR). The ATO has certainly made some changes to the initial implementation proposals but our research (and that of many others) tells us these changes have simply not gone far enough.
Accounting software firm Xero has announced it has entered into partnerships with SMSF document provider NowInfinity and SMSF software company BGL.
Accounting software provider Xero has announced a series of partnerships and new initiatives, including with SMSF software company BGL.
Clients of BGL Corporate Solutions and Xero will see their compliance workloads reduced following the integration of Simple Fund 360 and CAS 360 with Xero Practice Manager.
BGL has officially released two-way integration with Xero Practice Manager to automatically synchronise contacts in SMSF administration software Simple Fund 360, as well as CAS 360, with clients using Xero.
BGL Corporate Solutions, Australia’s leading developer of SMSF administration and ASIC corporate compliance software solutions, has released two-way integration with Xero Practice Manager to automatically synchronise contacts in Simple Fund 360 and CAS 360 with Clients in Xero Practice Manager.
“We have had this integration available in closed beta for a few months now, but today we have commenced the roll out to all BGL Simple Fund 360 and CAS 360 clients, says BGL’s Managing Director, Ron Lesh.
By Gary Chau ([email protected]), Lawyer, and David Oon ([email protected]), Senior Associate, DBA Lawyers
A common question we get asked when a client’s self managed superannuation fund (‘SMSF’) is undertaking a limited recourse borrowing arrangements (‘LRBA’) is whether there needs to be a separate bare trustee (usually a company) for each bare trust. The short answer is no. However, it is helpful to also go through the other aspects of LRBAs to give more detailed guidance.
The number of self-managed superannuation funds with unmet financial advice needs is at record highs, and yet this is not translating to greater use of financial advice, with trustees citing difficulty in finding advisers who can meet their needs.
© 2024 BGL Corporate Solutions Pty Ltd.
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