BGL has found some interesting SMSF industry trends in our 200+ million Simple Fund 360 transactions.
The development of regtech solutions will enable advisers and accountants to decide what is best for clients in a more seamless way, along with the additional benefit of managing business risks.
The advent of new technologies and further automation is set to be a huge challenge for most industries and professionals, yet accountants are failing to embrace the change as an opportunity.
Artificial intelligence (AI) and machine learning provide the possibility of enabling SMSF software and systems to autonomously and automatically pick out funds that have issues, lessening the burden of compliance on practitioners, according to BGL Corporate Solutions managing director Ron Lesh.
By Joseph Cheung ([email protected]), Lawyer and David Oon ([email protected]), Senior Associate, DBA Lawyers
A reg 13.22C non-geared unit trust (‘NGUT’) is not included as an in-house asset (‘IHA’) at the time of the initial investment provided certain criteria is met. Some trustees may think that they are investing in a reg 13.22C NGUT on the basis that the unit trust does not have outstanding borrowings. However, there are other criteria that must be satisfied in order for the NGUT to be properly categorised as a reg 13.22C NGUT. This article explores some of the criteria required for an investment to be a reg 13.22C NGUT and the events that can occur to cause the investment to no longer be a reg 13.22C NGUT. These events will typically lead to the investment becoming an in-house asset where the trust is controlled or majority controlled by related parties.
SMSF software provider BGL has released growth statistics for the past year, as the firm looks set to shut down its desktop operations for trustees.
BGL Corporate Solutions, Australia’s leading developer of SMSF administration and ASIC corporate compliance software solutions, would like the ATO to rethink the new super reporting requirements. We think they are draconian and can find nowhere in the new legislation where they are mandated.
Software company BGL has intensified its campaign against the event based reporting requirements, launching a petition directed at Ms Kelly O’Dwyer and ATO commissioner Chris Jordan
BGL would like the ATO to rethink the new super reporting requirements. We think they are draconian and can find nowhere in the new legislation where they are mandated.
By Gary Chau ([email protected]), Lawyer, and David Oon ([email protected]), Senior Associate, DBA Lawyers
The Australian Prudential Regulation Authority (‘APRA’) has just updated its Superannuation Prudential Practice Guide SPG 280 — Payment Standards (‘SPG’) in June 2017.
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