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BGL integrates with Syla to automate crypto transaction data

By Australian FinTech, In the Media, IndustryNo Comments

Published by Australian Fintech on 03 April 2023
Click here to read on the Australian Fintech website

BGL integrates with Syla to automate crypto transaction data

BGL Corporate Solutions (BGL), Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF) and investment portfolio management software, has announced its Simple Fund 360 and Simple Invest 360 solutions are now integrated with Australian cryptocurrency tax software, Syla, to automate cryptocurrency transaction data for SMSF, company, individual and trust portfolios. “We are excited to add Syla to the BGL Ecosystem,” said Ron Lesh, BGL’s Managing Director.

“The integration allows BGL clients to easily sync their clients’ crypto transaction data from any digital currency exchange connected to their Syla account directly into their Simple Fund 360 and Simple Invest 360 software.”

“With 1 in 4 Australians investing in crypto, it’s becoming more challenging for accountants to get the compliance work done, particularly when investors could be using any crypto exchange,” added Lesh. “A single portfolio could have hundreds or even thousands of crypto trades. Integrating Syla will automate the journal entry process for every crypto purchase and sale, saving BGL’s Simple Fund 360 and Simple Invest 360 clients significant time and effort.”

Nick Christie, Co-Founder of Syla, said, “A portfolio with crypto investments could be a bit of a trauma-inducing experience in the past, particularly when it came to compliance work. The tedious entry of manual journals for every crypto purchase and sale surely sent many accountants close to madness. With the launch of this integration between Syla and BGL, we’ve really flipped the experience entirely around. Manual journals are out, and instant sync is in.

BGL clients can now sync all crypto trades, income and other transaction data from any crypto exchange into their Simple Fund 360 and Simple Invest 360 software, ensuring the compliance work can be easily sorted.”

BGL’s free and open API is highly regarded and used extensively across the industry, with 350+ data feed and integration partners in the BGL Ecosystem delivering a holistic experience to BGL clients.

For more information, please visit here.

April 3, 2023
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BGL integrates with Syla to automate crypto transaction data

By In the Media, Industry, XU MagazineNo Comments

Published by XU Magazine on 03 April 2023
Click here to read on the XU Magazine website

BGL integrates with Syla to automate crypto transaction data

BGL Corporate Solutions (BGL), Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF) and investment portfolio management software, has announced its Simple Fund 360 and Simple Invest 360 solutions are now integrated with Australian cryptocurrency tax software, Syla, to automate cryptocurrency transaction data for SMSF, company, individual and trust portfolios. “We are excited to add Syla to the BGL Ecosystem,” said Ron Lesh, BGL’s Managing Director.

“The integration allows BGL clients to easily sync their clients’ crypto transaction data from any digital currency exchange connected to their Syla account directly into their Simple Fund 360 and Simple Invest 360 software.”

“With 1 in 4 Australians investing in crypto, it’s becoming more challenging for accountants to get the compliance work done, particularly when investors could be using any crypto exchange,” added Lesh. “A single portfolio could have hundreds or even thousands of crypto trades. Integrating Syla will automate the journal entry process for every crypto purchase and sale, saving BGL’s Simple Fund 360 and Simple Invest 360 clients significant time and effort.”

Nick Christie, Co-Founder of Syla, said, “A portfolio with crypto investments could be a bit of a trauma-inducing experience in the past, particularly when it came to compliance work. The tedious entry of manual journals for every crypto purchase and sale surely sent many accountants close to madness. With the launch of this integration between Syla and BGL, we’ve really flipped the experience entirely around. Manual journals are out, and instant sync is in.

BGL clients can now sync all crypto trades, income and other transaction data from any crypto exchange into their Simple Fund 360 and Simple Invest 360 software, ensuring the compliance work can be easily sorted.”

BGL’s free and open API is highly regarded and used extensively across the industry, with 350+ data feed and integration partners in the BGL Ecosystem delivering a holistic experience to BGL clients.

For more information, please visit here.

April 3, 2023
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BGL unveils BGL SmartDocs Email to Fund technology

By Australian FinTech, In the Media, IndustryNo Comments

Published by Australian Fintech on 14 March 2023
Click here to read on the Australian Fintech website

BGL unveils BGL SmartDocs Email to Fund technology

BGL Corporate Solutions, Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF) and investment portfolio management software, announced the release of Email to Fund – a unique new feature of its AI-powered document-to-data solution, BGL SmartDocs. BGL SmartDocs is fully integrated with BGL’s multi-award-winning SMSF administration and portfolio management solutions, Simple Fund 360 and Simple Invest 360.

“This release is a unique achievement by our Big Data and Simple Fund 360 Product Teams, who have dedicated more than 2 years to the project,” said Ron Lesh, BGL’s Managing Director.

“Clients can now email documents directly into their Simple Fund 360 and Simple Invest 360 software where BGL SmartDocs will extract the data, automatically code and attach the source document to the transaction. No other SMSF administration or accounting software offers this exceptional technology.”

As part of BGL’s Simple Fund 360 and Simple Invest 360 software, BGL SmartDocs is a document reader that uses AI technology with optical character recognition (OCR) and advanced deep learning algorithms to extract information from many document types including bank statements, contract notes, dividend and distribution advices, rental statements and invoices. It converts the document into digital data, streamlining the workflow process.

Jeevan Tokhi, Head of Simple Fund 360 at BGL, said, “With the new BGL SmartDocs features, each SMSF, trust, company and individual portfolio in Simple Fund 360 and Simple Invest 360 will have a unique email address for accountants, advisers, administrators or trustees to send documents. The documents can also be uploaded via the software, Engage by BGL (our mobile app) or via the BGL API. Documents are then automatically added to Document Management in the software.”

“When BGL SmartDocs extracts the document data, it will automatically search for the corresponding transaction within the entity (SMSF, trust, company or individual) and attach the source document to it,” explained Tokhi. “The most exciting feature, however, is that the data auto-fills transaction details in the Smart Matching screen for uncoded bank transactions, eliminating the need for clients to create data rules.”

“This release is the next step in the evolution of our zero-touch technology,” added Ron Lesh FCA. “It will eliminate the administrative burden of analysing, checking and storing hundreds of documents annually for SMSFs and investment portfolios. It also bolsters the existing transaction matching and AI-powered Smart Matching in Simple Fund 360 and Simple Invest 360.”

BGL SmartDocs is currently reading two million pages per month and loading the extracted data into Simple Fund 360 and Simple Invest 360.

BGL will be at Accountex in Sydney this week. Visit the BGL booth A32 to watch a live demonstration of this new BGL SmartDocs Email to Fund feature!

March 14, 2023
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BGL unveils email to fund software feature

By In the Media, Industry, SMSF AdviserNo Comments

Published by SMSF Adviser on 13 March 2023
Click here to read on the SMSF Adviser website

BGL unveils email to fund software feature

A new feature within BGL SmartDocs will further streamline the process of analysing, checking and storing documents for SMSFs.

BGL has released a new email to fund feature called Email to Fund, as part of it AI-powered document-to-data solution, BGL SmartDocs.

BGL managing director Ron Lesh said clients will now be able to email documents directly into their Simple Fund 360 and Simple Invest 360 software where BGL SmartDocs will extract the data, automatically code and attach the source document to the transaction.

BGL SmartDocs is a document reader that uses AI technology with optical character recognition (OCR) and advanced deep learning algorithms to extract information from many document types including bank statements, contract notes, dividend and distribution advices, rental statements and invoices. It converts the document into digital data, streaming the workflow process.

BGL head of Simple Fund 360, Jeevan Tokhi explained that with the new BGL SmartDocs features, each SMSF, trust, company and individual portfolio in Simple Fund 360 and Simple Invest 360 will have a unique email address for accountants, advisers, administrators or trustees to send documents.

“The documents can also be uploaded via the software, Engage by BGL (our mobile app) or via the BGL API. Documents are then automatically added to Document Management in the software,” said Mr Tokhi.

When BGL SmartDocs extracts the document data, it will automatically search for the corresponding transaction within the entity (SMSF, trust, company or individual) and attach the source document to it, he explained.

“The most exciting feature, however, is that the data auto-fills transaction details in the Smart Matching screen for uncoded bank transactions, eliminating the need for clients to create data rules,” he stated.

Mr Lesh said the release was the next step in the evolution of BGL’s zero-touch technology.

“It will eliminate the administrative burden of analysing, checking and storing hundreds of documents annually for SMSFs and investment portfolios. It also bolsters the existing transaction matching and AI-powered Smart Matching in Simple Fund 360 and Simple Invest 360,” he said.

March 13, 2023
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BGL unveils BGL SmartDocs Email to Fund technology

By In the Media, Industry, XU MagazineNo Comments

Published by XU Magazine on 10 March 2023
Click here to read on the XU Magazine website

BGL unveils BGL SmartDocs Email to Fund technology

BGL Corporate Solutions, Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF) and investment portfolio management software, announced the release of Email to Fund – a unique new feature of its AI-powered document-to-data solution, BGL SmartDocs. BGL SmartDocs is fully integrated with BGL’s multi-award-winning SMSF administration and portfolio management solutions, Simple Fund 360 and Simple Invest 360.

“This release is a unique achievement by our Big Data and Simple Fund 360 Product Teams, who have dedicated more than 2 years to the project,” said Ron Lesh, BGL’s Managing Director.

“Clients can now email documents directly into their Simple Fund 360 and Simple Invest 360 software where BGL SmartDocs will extract the data, automatically code and attach the source document to the transaction. No other SMSF administration or accounting software offers this exceptional technology.”

As part of BGL’s Simple Fund 360 and Simple Invest 360 software, BGL SmartDocs is a document reader that uses AI technology with optical character recognition (OCR) and advanced deep learning algorithms to extract information from many document types including bank statements, contract notes, dividend and distribution advices, rental statements and invoices. It converts the document into digital data, streamlining the workflow process.

Jeevan Tokhi, Head of Simple Fund 360 at BGL, said, “With the new BGL SmartDocs features, each SMSF, trust, company and individual portfolio in Simple Fund 360 and Simple Invest 360 will have a unique email address for accountants, advisers, administrators or trustees to send documents. The documents can also be uploaded via the software, Engage by BGL (our mobile app) or via the BGL API. Documents are then automatically added to Document Management in the software.”

“When BGL SmartDocs extracts the document data, it will automatically search for the corresponding transaction within the entity (SMSF, trust, company or individual) and attach the source document to it,” explained Tokhi. “The most exciting feature, however, is that the data auto-fills transaction details in the Smart Matching screen for uncoded bank transactions, eliminating the need for clients to create data rules.”

“This release is the next step in the evolution of our zero-touch technology,” added Ron Lesh. “It will eliminate the administrative burden of analysing, checking and storing hundreds of documents annually for SMSFs and investment portfolios. It also bolsters the existing transaction matching and AI-powered Smart Matching in Simple Fund 360 and Simple Invest 360.”

BGL SmartDocs is currently reading two million pages per month and loading the extracted data into Simple Fund 360 and Simple Invest 360.

BGL will be at Accountex in Sydney this week. Visit the BGL booth A32 to watch a live demonstration of this new BGL SmartDocs Email to Fund feature!

March 10, 2023
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‘The house always wins’: Threshold imposes unfair tax outcomes on losses

By In the Media, Industry, SMSF AdviserNo Comments

Written by Miranda Brownlee
Published by SMSF Adviser on 08 March 2023
Click here to read on the SMSF Adviser website

‘The house always wins’: Threshold imposes unfair tax outcomes on losses

The proposed calculation for the $3 million threshold could result in high unusual outcomes where assets have reversed in value, warns the IPA.

Last week, Treasury released a fact sheet explaining the details on how the earnings tax calculation would work for its proposed $3 million threshold.

Speaking to SMSF Adviser, IPA general manager, Tony Greco explained that one of the major issues with the proposed methodology behind the tax calculation is it treats income and unrealised capital gains equally.

It also doesn’t apply the CGT discount to unrealised capital gains, he added.

The worst aspect of the proposed calculation, he stated, is that there is no refund if unrealised gains reverse.

The proposed calculation only allows negative earnings to be carried forward and offset against the extra tax in future years’ tax liabilities.

“So you’re paying tax [on the unrealised gain] first but then in future years if the asset value goes the other way, you don’t get to claw that back. You have to wait for the investment value to recover before you get to see the benefit of that pre-payment,” Mr Greco explained.

While there is no detail yet on how the measure will work upon the death of a member, Mr Greco said this could potentially mean that if the member dies before the asset value recovers, the tax paid is essentially lost.

“If a member dies so does the tax paid. This may be a common scenario if asset values rise and never recover before the member dies,” he warned.

Mr Greco noted in some cases asset values can take a long time to recover.

“You could buy a property and then they build a freeway next to it. It might take 10 years before that property value recovers,” he said.

“The prepayment of tax based on an unrealised gain is almost like a casino where the house never loses.

“The government is grabbing its money first but doesn’t have to pay it back if it goes the other way. What better outcome from a government perspective could you wish for.”

BGL managing director Ron Lesh has also criticised the government’s measure this week, labelling it “super theft”.

In a release issued on Tuesday, Mr Lesh said the new tax appears to have been Labor’s intention before the election.

“It is unfair to hard-working Australians who have legally saved for their retirement and have accumulated balances through making contributions and smart investing. And just another example of the Albanese government’s total disregard for the financial well-being of Australians,” said Mr Lesh.

The number of Australians affected by the measure is likely to rise over time, he noted, with the Financial Services Council estimating it could climb to 500,000 over time.

“Limiting politicians, public servants and judge’s [sic] defined benefit pensions to what can be earned with the current $1.7 million balance transfer cap would be a much better way for the government to raise revenue”, added Lesh.

“Since the Albanese Government came into power, we’ve already seen huge increases in interest rates, electricity, gas, food and services. With this new tax, I’m deeply concerned Labor will soon come after Australians with changes to negative gearing, franking credits, capital gains tax, wealth or inheritance taxes, or even taxing the value of the family home,” says Lesh.

March 8, 2023
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It’s SUPER THEFT!

By Australian FinTech, In the Media, IndustryNo Comments

Published by Australian Fintech on 07 March 2023
Click here to read on the Australian Fintech website

It’s SUPER THEFT!

Ron Lesh, Founder and Managing Director of BGL Corporate Solutions (BGL), Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF) and investment portfolio management software, has called the latest raid on our super by the Albanese government Super Theft.

On Tuesday 28 February 2023, the Albanese government announced that earnings on superannuation balances above $3 million will be subject to a 15% tax rate hike to 30% up from the current rate of 15%. This is not a modest change. It is a substantial change to your super.

“The politicians are quick to label companies that make an error in their payroll wage theft – well, I’m calling them out now for Super Theft,” said BGL’s Managing Director Ron Lesh. “Apart from breaking an election promise, this new tax would appear to have been their intention before the election. It is unfair to hard-working Australians who have legally saved for their retirement and have accumulated balances through making contributions and smart investing. And just another example of the Albanese government’s total disregard for the financial well-being of Australians.”

“Today, this new tax will affect between 80,0000 and 120,000 hard-working Australians. With no indexation applied to the $3 million cap, the Financial Services Council estimates this number will rise to 500,000 over time,” noted Lesh.

“Limiting politicians, public servants and judge’s defined benefit pensions to what can be earned with the current $1.7 million balance transfer cap would be a much better way for the   Government to raise revenue”, added Lesh.

“Since the Albanese Government came into power, we’ve already seen huge increases in interest rates, electricity, gas, food and services. With this new tax, I’m deeply concerned Labor will soon come after Australians with changes to negative gearing, franking credits, capital gains tax, wealth or inheritance taxes, or even taxing the value of the family home,” says Lesh.

“So, I urge Australians to stand up and be counted, to share this message with family, friends and workmates and be vigilant in protecting their financial future,” concluded Lesh.

March 7, 2023
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It’s SUPER THEFT!

By In the Media, Industry, XU MagazineNo Comments

Published by XU Magazine on 07 March 2023
Click here to read on the XU Magazine website

It's SUPER THEFT!

On Tuesday 28 February 2023, the Albanese government announced that earnings on superannuation balances above $3 million will be subject to a 15% tax rate hike to 30% up from the current rate of 15%. This is not a modest change. It is a substantial change to your super.

“The politicians are quick to label companies that make an error in their payroll wage theft – well, I’m calling them out now for Super Theft,” said BGL’s Managing Director Ron Lesh. “Apart from breaking an election promise, this new tax would appear to have been their intention before the election. It is unfair to hard-working Australians who have legally saved for their retirement and have accumulated balances through making contributions and smart investing. And just another example of the Albanese government’s total disregard for the financial well-being of Australians.”

“Today, this new tax will affect between 80,000 and 120,000 hard-working Australians. With no indexation applied to the $3 million cap, the Financial Services Council estimates this number will rise to 500,000 over time,” noted Lesh.

“Limiting politicians, public servants and judge’s defined benefit pensions to what can be earned with the current $1.7 million balance transfer cap would be a much better way for the Government to raise revenue”, added Lesh.

“Since the Albanese Government came into power, we’ve already seen huge increases in interest rates, electricity, gas, food and services. With this new tax, I’m deeply concerned Labor will soon come after Australians with changes to negative gearing, franking credits, capital gains tax, wealth or inheritance taxes, or even taxing the value of the family home,” says Lesh.

“So, I urge Australians to stand up and be counted, to share this message with family, friends and workmates and be vigilant in protecting their financial future,” concluded Lesh.

March 7, 2023
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It’s simply SUPER THEFT. Don’t let Albanese and Chalmers STEAL your super!

By IndustryNo Comments

The announcements of the last week are insidious. Flying a kite on Monday and making a decision 7 days later is faster than any government can act. This change to super was all preplanned – and probably before the election. So much for consultation about the purpose of super!

And this is why Albanese and Chalmers cannot be trusted. They simply lied to get elected. They took a page from the Daniel Andrews book of lies and deceit. And yes, all politicians from all sides of politics do exactly the same thing.

But Labor is the party that loves to put its hands in your pocket. And your pocket well before theirs.

For you to get the same $400,000+ per annum government pension as Albanese, you would need a super balance of more than $6m. And his snout is nowhere near the biggest snout in the trough. Look at some of our public servants and judges who will get government pensions of almost $1m per annum. Who is paying for that?

This is one of the reasons the government needs more money. How much would be saved if all politicians and public servants had their pensions limited to what you can earn with the  $1.7m balance transfer cap?

But even more insidious is that Chalmers does not even want to index the $3m super cap and effectively this  taxes unrealised capital gains.. Today somewhere between 80,0000 and 120,000 hard-working Australians who have done the right thing and legally saved for their retirement are to be taxed. How many will this be in 5 years, 10 years, 15 years? Nobody knows, but it won’t take too long for this NEW tax to apply to 1 million Australians – and you are likely one of them.

It has been said time and time again – you can’t trust Labor with your money and again the proof is in the pudding.

This NEW tax is simply unfair to all those Australians who legally saved for their retirement and today have accumulated balances through smart investing. And you did not need to be that smart. If you purchased A$5,000 of Apple shares 20 years ago, these alone would be worth more than A$3m today.

So mark my words

Today they are coming for your super.

Next, it will be your family home.

Then your negative gearing.

Next your franking credits.

Then look out for death taxes and inheritance taxes.

And last, with wall-to-wall Labor governments, an attack on what’s left of your wages through an increase in the GST rate to maybe 20% and the removal of exemptions on food, medical costs and education.

This is just the beginning

It was said before the election “Life will not be easy under Albanese”. Huge increases in interest rates, electricity prices , gas prices, food and services – all in less than 1 year. Where will Albanese leave us in 3 years? On his current form, broke as individuals and broke as a nation with daily blackouts like South Africa.

And divided by race through his racist Voice.

Please share this post with your family, friends and workmates. It is time for Australians to stand up and be counted.

March 6, 2023
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BGL Masterclass returns in March 2023 as a live event

By In the Media, Industry, XU MagazineNo Comments

Published by XU Magazine on 30 January 2023
Click here to read on the XU Magazine website

BGL Masterclass returns in March 2023 as a live event

BGL Corporate Solutions, Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF) and investment portfolio management software, has announced its BGL Masterclass will return as a live and in-person event in March 2023.

“We are excited to hit the road and catch up with our clients in Adelaide, Brisbane, Hobart, Perth and Sydney,” said Ron Lesh, BGL’s Managing Director. “The BGL Masterclass is a must-attend event for BGL CAS 360, Simple Fund 360 and Simple Invest 360 clients wanting to learn how to unlock the full potential of their software and boost their productivity”.

Presented by BGL product experts Warren Renden, Head of CAS 360, Jeevan Tohki, Head of Simple Fund 360 and Andrew Paszko, Simple Invest 360 Product Manager, the BGL Masterclass will cover topics including new and key features and their benefits, best practice workflow and processes, essential BGL Suite integrations and time-saving tips, tricks, and shortcuts. Plus, attendees will get a sneak peek at BGL’s product roadmaps.

“BGL launched its Masterclasses in 2020 as a live and in-person event,” continued Lesh. “However, like everyone else, we were forced to move online during the pandemic. So, we are thrilled to finally run the BGL Masterclasses as intended, as an in-person, interactive and immersive team learning experience for our clients”.

“Educating our clients to ensure they have the skills and knowledge to get the most out of their BGL software is a top priority,” added Lesh. “That’s why we provide our clients with extensive learning and help resources, including live and on-demand online product training options, live webinars, education weeks and more.”

The BGL Masterclass will take place in Hobart (02/03), Adelaide (07/03), Perth (08/03), Sydney (21/03), Brisbane (22/03) and Melbourne (28/03).

For more information and to secure tickets, please visit www.bglcorp.com/bglmasterclass.

January 30, 2023
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