“This will be one of the first BIG in-person accounting conferences in almost two years and we cannot wait to reconnect with our clients and partners face-to-face” said Ron Lesh, BGL’s Managing Director. “We feel there really is no substitute for human interaction and have missed coming together with our community. So, we’re excited to get back to enjoying the small, special moments that only live events can offer.”
“This will be one of the first BIG in-person accounting conferences in almost two years and we cannot wait to reconnect with our clients and partners face-to-face,” said Ron Lesh, BGL’s Managing Director. “We feel there really is no substitute for human interaction and have missed
coming together with our community. So, we’re excited to get back to enjoying the small, special moments that only live events can offer.”
Published by Accountants Daily, powered by MOMENTUM MEDIA
Written by Miranda Brownlee on 9 December 2021
Click here to read on Accountants Daily website
Software firm BGL Corporate Solutions is set to launch its corporate compliance solution, CAS 360, in Hong Kong in the second quarter of next year.
While the desktop version of CAS has been available in Hong Kong since 2000, BGL’s managing director, Ron Lesh, said BGL’s clients have been waiting to see when CAS 360 will be available in Hong Kong.
Mr Lesh explained that CAS 360 will prepare all the forms, minutes/resolutions, registers and other documents required for the annual return and common changes made by Hong Kong companies.
CAS 360 is already available in New Zealand, and in BETA in Singapore.
“I’m excited we can bring this sensational software to Hong Kong in mid-2022. CAS 360 will streamline our client’s processes with innovative and unique technology,” said Mr Lesh.
“CAS 360 is the complete package and will provide the same incredible efficiencies for our Hong Kong clients as it does for [over] 600,000 companies in other jurisdictions.”
“BGL has had a presence with our CAS Desktop software in Hong Kong since 2000,” said Ron Lesh, BGL’s Managing Director. “Our clients have been hanging out for information on when CAS 360 will be available to them in Hong Kong so I’m proud that we can today announce this will be Quarter 2, 2022.”
Published by SMSF Adviser, powered by MOMENTUM MEDIA
Written by Miranda Brownlee on 8 December 2021
Click here to read on SMSF Adviser website
The small number of SMSF messaging providers currently offering rollover services is creating challenges for SMSFs in some instances as funds attempt to comply with the new SuperStream standards.
Speaking in a recent podcast, BGL head of Simple Fund 360 product Matt Crofts explained that while the latest SuperStream measures for rollovers and release authorities will result in a more standardised and streamlined system, one of the challenges being encountered by some SMSFs is the fact that many institutions are no longer SuperStream providers.
Under the new standards, SMSFs are required to get an electronic service address (ESA) from an SMSF messaging provider or SMSF intermediary in order to receive SuperStream data.
Mr Crofts explained that SMSFs need to ensure that the ESA provider can support rollovers for SMSFs.
With the newest SuperStream standards requiring an 18-month software build for BGL, this latest version of SuperStream, he said, has seen many institutions drop out as SuperStream providers.
“When SuperStream first started, which is going back around five or six years ago, there were close to almost 40 SuperStream providers and slowly they’ve realised its a tough game to be in terms of compliance and keeping up to date [with everything] and there’s very little way to charge for that,” Mr Crofts explained.
“I think around half the providers that were in there dropped out … and this latest round of SuperStream requirements were huge so it may have halved again.
“[In some cases], people are not aware of them dropping out or they’re not receiving correspondence because some of that correspondence might be going to the trustee and not the accountant who are really the ones initiating a lot of the rollovers.”
Speaking in the same podcast, Smarter SMSF chief executive Aaron Dunn said becoming a SuperStream provider was initially a more enticing business model because it was mainly dealing with inflows into an industry in the form of contributions.
“So, financial institutions were more than accommodating to be able to put these things in place because it meant they were getting cash flows into their cash accounts,” said Mr Dunn.
The landscape is now very different, however, said Mr Dunn, especially given the level of development required for the latest version of SuperStream.
“I’ve seen discussions on the notion of people going to look for an ESA and trying to find a free ESA so they can do things [but] those days are arguably over,” he said.
This leaves the major SMSF software companies such as BGL, Class and SuperMate as the only ESA messaging providers on the ATO register that can currently provide SuperStream rollover services for SMSFs, with Australia Post still working on finalising its offer.
DBA Lawyers director Daniel Butler said this poses an issue for SMSFs that are not on these software platforms, as they are unable to undertake a rollover that is compliant with SuperStream.
“The ATO’s position is that unless the SuperStream rollover process is followed, a significant administrative penalty (currently $4,400 per trustee) may be imposed, the fund may be rendered non-complying and auditors are encouraged to lodge an auditor contravention report to the ATO, which may give rise to costs and inconvenience,” explained Mr Butler.
“In short, there is currently no workaround to the SuperStream system and significant penalties and risks for those funds that seek to bypass the system.”
This is creating a “very difficult situation” for numerous SMSFs who have pressing needs to complete SMSF to SMSF rollovers, said Mr Butler.
“I am aware of several SMSFs, for instance, that need to settle on property and investment acquisitions who stand to lose considerable sums and costs for failing to settle on time. Some of these funds are now having to consider other alternatives like limited recourse borrowing arrangements to make sure they are not at risk,” he explained.
Mr Butler noted that the ATO may however look to take a practical approach and not enforce compliance until there are more ESA providers.
Published by SMSF Adviser, powered by MOMENTUM MEDIA
Written by Miranda Brownlee on 3 December 2021
Click here to read on SMSF Adviser website
The three-day turnaround required for SMSF rollovers under the SuperStream requirements is still proving difficult, with around only 20 per cent of rollovers estimated to be currently meeting the time frame.
From 1 October this year, SuperStream became mandatory for all SMSFs to roll over super to and from their funds. The new standards require a trustee to roll over or transfer an amount no later than three business days after the trustee received the rollover or transfer request or if the trustee requires further information, the date the trustee receives that information.
BGL head of the Simple Fund 360 product Matt Crofts said complying with the three-business-day time frame has been a challenge for SMSF trustees and APRA-regulated funds as well, with a straw poll undertaken by BGL revealing that the majority of rollovers are currently not meeting the three-business-day turnaround.
“We just did a straw poll and we know that there are only around 20 per cent meeting that three-day turnaround at the moment. There’s been some good ones that have turned around in 48 hours which is fantastic but […] looking at the data, the vast majority, around 40 to 50 per cent, are coming through within a seven-day time frame,” said Mr Crofts in a recent SMSF Adviser Show podcast.
“I think as we get used to the system and used to the new process, I think that’ll improve.”
Mr Crofts also stressed that if the trustee doesn’t have all the information, then they only need to respond back within the three days.
“You might be missing information so as long as you’re communicating back and forth with the APRA fund, if its APRA or SMSF, if its SMSF to SMSF, then as long as you’re reaching out and making contact, that [meets] the strict definition of three days,” he explained.
He also highlighted the importance of having automated feeds with bank and wrap services in trying to meet the three-day time frame.
“You’re going to have a greater chance of being able to meet that requirement because you’ve got all the transactions there, so even if you don’t have all the information, it’s going to be a quicker turnaround [than] if you haven’t got any bank statements in front of you and you’ve got to scramble to get all that information,” he said.
He also stressed the importance of accountants and advisers communicating with each other through the process.
“If you’ve got a planner involved in the process, make them aware of what the software needs,” said Mr Crofts.
“[For example], one of the issues when you roll across to an APRA fund is that you’ve got to have the correct USI, the identifier for the APRA fund, so you may need to give them a checklist or give them access to the software.
“It’s also communicating to the trustee that if they’re going to get any queries from the APRA fund or from the accountant [that they need] to properly communicate that.”
Published by SMSF Adviser, powered by MOMENTUM MEDIA
Written by Robyn Tongol on 1 December 2021
Click here to read on SMSF Adviser website
With the SuperStream measures now in place, SMSF professionals play an important role in helping clients manage some of the practical issues with rollovers, such as timing.
Following the introduction of the SuperStream measures on 1 October 2021, release authorities and rollovers to and from SMSFs are now required to comply with new data and payment standards. With these changes bringing new challenges to the SMSF sector, hosts Aaron Dunn and Miranda Brownlee ask Matt Crofts, head of Simple Fund 360 at BGL, to share some key insights from a software perspective on what practitioners need to be aware of.
Listen now!
Published by SMSF Adviser, powered by MOMENTUM MEDIA
Written by Miranda Brownlee on 1 December 2021
Click here to read on SMSF Adviser website
While the SuperStream measures have been in place since 1 October, there are some common issues impeding the rollover of money in and out of SMSFs, said an SMSF software provider.
From 1 October this year, SuperStream measures began to apply for rollovers and release authorities for SMSFs, with SuperStream now playing a much greater role in the sector.
The payment standards require trustees to roll over or transfer an amount no later than three business days after the trustee receives the rollover or transfer request.
While BGL head of Simple Fund 360 product Matt Crofts said that in the long term, the new payment standards would result in a more streamlined and standardised system between APRA-regulated funds and SMSFs, there are still some practical issues that are causing SMSF professionals and clients to be become unstuck.
One of the real sticking points, Mr Croft said, is with newly established funds. It’s important that SMSF trustees are notifying the ATO when establishing the fund, he explained in a recent SMSF Adviser Show podcast.
“It’s not just registering the ABN; it’s also going onto the ATO portal or getting the trustee to update the bank details when they’ve actually obtained them,” said Mr Crofts.
“The reason you need to update the ATO is because when you do a rollover, the APRA-fund or SMSF transferring the money will need to check the records to make sure the fund is complying, that it’s got bank account details and the member’s TFNs are correct.”
The other big challenge, he explained, is that the bank account needs to be in the super fund’s name.
“We’re not just seeing instances where the bank account details are missing. Sometimes the refund from an SMSF annual return is not in the super fund’s name, and it is in the individual’s name or the trust account of the firm,” he said.
There is also a range of roadblocks that SMSFs are hitting when trying to roll money out of the SMSF, he said.
One issue, he said, is where people have slightly different names with the ATO in an APRA fund scenario compared to when they are lodging their individual return.
“So we’ve seen a little bit of mismatch in that space, so it’s important that the SMSF trustee or their planner or accountant communicates with the APRA fund,” he said.
“It creates a few challenges when they’re not exactly sure what’s wrong when they’re trying to roll the money out; it could be the bank account details, it could be the member’s details, it could even be a non-complying fund that for some reason hasn’t lodged a return for a while,” he stated.
Speaking in the same podcast, Smarter SMSF chief executive Aaron Dunn said a lot of the issues all revolve around verification.
“So, if there is married name change, then making sure that it’s been updated in MyGov so that that stuff marries off, that it matches what the ATO has on its records [is important],” he explained.
“Even little things like if the rollover is going out and you set a particular amount that that rollover is supposed to be, then make sure that your banking transfer will allow for an increased limit for that money to go out because those things have to match off for the transfer to actually be accepted on the other side as well.”
Published by SMSF Adviser, powered by MOMENTUM MEDIA
Written by Tony Zhang on 15 November 2021
Click here to read on SMSF Adviser website
Heffron SMSF Solutions has added new features to its Super Toolkit, including a new BGL integration and multiple subscription levels.
Drawing on extensive technical knowledge and understanding of SMSFs, Heffron is creating new tools for SMSF professionals, which contain unique features to guide users through the process of creating fully compliant SMSF documentation.
As part of the latest release, Heffron has added a Professional subscription level to the Toolkit offer. Subscribers can now manage access for multiple users from within a firm to collaborate in a single account. They will still be able to share documents with interested parties outside their organisation, like trustees or financial advisers.
Another feature of the Professional subscription is integration with innovative and award-winning SMSF software provider BGL. This technology will allow client details to be populated in the documentation as it is created, creating business efficiencies.
“We are excited about the next evolution of our Super Toolkit. Our intention is to provide tools that enable intermediaries and trustees to play the role they want to play with SMSFs,” Ms Heffron said.
“For some, this might simply be providing a compliance document. For others, it will be guiding them through the key decision points for a range of different SMSF events or activities (we’re calling this ‘guided decision-making’).
“The BGL integration is something we are extremely proud of. This will save our clients time by allowing fund and member data to be automatically pre-populated from BGL’s Simple Fund 360.
“We will continue to develop useful tools to help our clients with many aspects of their SMSF work.”
For more information, go to https://www.heffron.com.au/services/super-toolkit.
Published by SMSF Adviser, powered by MOMENTUM MEDIA
Written by Tony Zhang on 10 November 2021
Click here to read on SMSF Adviser website
BGL has successfully completed its Simple Fund 360 integration with Colonial First State’s FirstWrap platform.
BGL Corporate Solutions’ Simple Fund 360 is now integrated with Colonial First State’s FirstWrap platform.
“It’s great to have Colonial First State as part of the BGL ecosystem,” BGL’s managing director Ron Lesh said.
“FirstWrap is a full-service wrap platform, providing comprehensive investment choice, convenience and great flexibility.”
Mr Lesh noted this new integration means FirstWrap now has seamless integration with Simple Fund 360, with bank, investment and income transactions automatically loaded.
“Simple Fund 360 will then automatically map the required accounts and tax data to drive further efficiencies for your firm,” he added.
Colonial First State’s chief distribution officer, Bryce Quirk, said FirstWrap is excited to partner with BGL and provide the benefits of Simple Fund 360 to members and advisers.
“Adding to the comprehensive tax reporting features of FirstWrap, the welcome addition of Simple Fund 360 integration will further enhance the value and efficiencies for our joint customers,” Mr Quirk said.
BGL currently has over 350 partners in the firm’s ecosystem, and it is great to be able to add FirstWrap to the list.
FirstWrap is a full-service wrap, including FirstWrap Plus Super, Pension and Investments, which offers advisers and clients comprehensive investment choice, convenient administration, and the flexibility to design a portfolio to suit their investment needs.
© 2024 BGL Corporate Solutions Pty Ltd.
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