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Simple Fund 360 and Simple Invest 360 Product Update – 30 May 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 SMSF tax time update!

What's New?

2024 SMSF Tax Time Updates

2024 SMSF Annual Return User Interface and PDFs: The  ATO did not change the 2024 SMSF Annual Return. This release supports the new return, including for funds that have been wound up. The new Trust Income Schedule is included in this release.

New ATO Trust Income Schedule: From the 2024 income year, SMSFs receiving 1 or more distributions from trusts (including ETFs, managed funds, and stapled securities) must complete and attach a Trust Income Schedule to the SMSF Annual Return. Learn More

2024 Financial Year Wind-Ups: Wind-ups for the 2024 financial year will now print the 2024 PDF. Learn More

Lodgement Screen Update: The lodgement screen chart has been updated for 2024. Learn More

Digital Signing: Digital signing is now enabled for the 2024 SMSF Annual Return and schedules. Learn More

Fund Transfers: Support has been added for 2024 tax changes related to fund transfers. Learn More

2024 Trust Income Schedule: To accommodate the Trust Income Schedule requirements effective from the 2024 financial year, new tax component fields have been added in the following areas:

The above 2024 SMSF tax time updates are exclusively available in Simple Fund 360.

Mortgage Advice Bureau Integration
Mortgage Advice Bureau (MAB) has been added as an External Service Provider for SMSF lending solutions. Learn More

Opteon Integration
Opteon has been added as an External Service Provider for property valuations, tax depreciation schedules, insurance assessments, rental assessments and quantity surveying. Learn More

Investment Security List
The ability to add an ABN or ACN for a security has been added. This information will be used in the Trust Income Schedule. Learn More

Family Trust Election
A Family Trust Election form can now be prepared and lodged for trusts. Learn More
This feature is exclusively available in 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: [email protected] | P: 1300 654 401
Connect with me on LinkedIn

May 30, 2024
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Simple Fund 360 and Simple Invest 360 Product Update – 2 May 2024

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

What's New?

Member – Contributions
The Contribution Dashboards and Reports have been updated to reflect the increase in the concessional and non-concessional contribution caps effective from 1 July 2024. Learn More

Member – Pensions
The minimum pension payment factors have been adjusted for the 2024-25 financial year in Dashboards and Reports. Learn More

Fund Pension Policies – Reports
The Actuary Certificate received on the Fund Pension Policies screen can now be selected on the Reports screen for inclusion in report packs. Learn More

Firm Management – User Roles
A new authority has been added under the ‘Investment’ section, allowing non-admin users to delete balance records in the Balance Review screen. Learn More

Practice Management Integration – APS Contacts+
The BGL Suite and APS Contacts+ integration is now live. This two-way integration allows for efficient client and contact data management across four apps (CAS 360, Simple Fund 360, Simple Invest 360 and APS Practice Management) in a single database. Learn More

Smart Matching – Account View
The Account View for each sub-level account will now be collapsed by default, with the addition of one-click refresh and expand/collapse all buttons. Plus, debits and credits are now separated into distinct columns for a clearer view. Learn More

Corporate Actions
Two mergers have been added to Corporate Actions:

  • DVR – 6 March 2024
  • WSP – 6 March 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: [email protected] | P: 1300 654 401
Connect with me on LinkedIn

May 6, 2024
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BGL Integrates with HeirWealth for Streamlined Wealth Transfer

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

BGL is proud to announce its integration with Sydney-based wealthtech HeirWealth, to automate valuation processing for efficient intergenerational wealth transfers.

“We are excited to add HeirWealth to the BGL Ecosystem,” said BGL’s Chief Executive Officer, Daniel Tramontana. “This integration will help clients effortlessly provide accurate valuations for assets and liabilities held within their SMSFs, companies and trusts managed in BGL’s Simple Fund 360 and Simple Invest 360 software to HeirWealth’s platform.” 

HeirWealth aims to help Australian SMSFs have better intergenerational conversations about money. The HeirWealth platform provides family investors and their professional advisers with a view of assets and liabilities across 40 different classes, including traditional investments such as shares and property and non-traditional assets such as collectibles.

Ray Tubman, Founder and CEO of HeirWealth, said, “The forthcoming intergenerational wealth transfer is going to present a lot of challenges. Whether you want to start having those conversations now or wait till later, centralising information in one secure location like HeirWealth is a great idea.” 

“The HeirWealth platform provides simple yet powerful wealth tracking that allows individuals, families and professional advisers to organise everything together in one place,” continued Tubman. “That includes traditional investments like term deposits, shares and property, as well as alternative investments like private equity and ‘assets of passion’ like fine wine, antiques and collectibles. You can even upload photos from your phone and leave annotations to capture your family’s story and legacy, so everything is recorded in one central vault and preserved for future generations.”

Jeevan Tokhi, General Manager of Product – Simple Fund 360, Simple Invest 360 and BGL SmartDocs at BGL, said, “This integration is facilitated by BGL’s free and open API which provides asset balance data from Simple Fund 360 and Simple Invest 360 into HeirWealth, refreshing the data nightly. This allows firms to streamline their client’s financial world by consolidating all their financial and lifestyle assets, along with essential documents, into one easy-to-use application.” 

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

About HeirWealth

HeirWealth is a wealthtech company that aims to harmonise intergenerational wealth transfers by providing investors, family offices and trusted advisers with a holistic view of family wealth, enabling them to get better organised and minimise administrative inefficiencies.

With a commitment to innovation and supporting intergenerational wealth transfers, HeirWealth stands as a catalyst for positive change in the industry, ensuring that the valuable nature of time is revered in all aspects of our clients’ financial journeys.

HeirWealth is an Australian and UK regulator approved platform that currently integrates with 20,000 financial institutions globally, benefiting from open banking participation, growing direct integrations and world class security credentials including ISO 27001 certification. For more information, please visit heirwealth.com or email [email protected]. 

April 18, 2024
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Simple Fund 360 and Simple Invest 360 Product Update – 4 April 2024

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

What's New?

Smart Reports – Trial Balance and General Ledger
The Smart Reports generative AI technology can now analyse Trial Balance and General Ledger data, providing detailed insights, predictive analysis, and issue detection. Users can apply filters in the new Trial Balance live view, and export reports to PDF, Excel, or Word. Learn More

BGL SmartDocs – Fast Data Entry
Our fast data entry feature now supports CBA statements spanning 2 financial years and has improved accuracy in processing AMEX credit card statements. Learn More

BGL SmartDocs – Rental Statements
The AI model has been upgraded to categorise reimbursements of property expenses as rental income rather than expenses. Learn More

Data Feeds – SuperStream Notifications
The new Firm Notification feature enables users to designate contact(s) to receive email notifications for Rollover/Release Authorities across all funds. This feature is exclusively available in Simple Fund 360. Learn More

Corporate Actions
The following ASX Corporate Actions have been updated:

  • DRP Price per share data added for Woodside Energy Group Limited (WDS).
  • Demerger data updated for New World Resources Limited (NWC).

Feed Management – Contract Notes Service
A new setting has been added to the Contract Notes Service data feed to provide email notifications of unsuccessful Contract Notes. Learn More

Reports – Common Report Settings
Common Report Settings have been enhanced to allow users to turn off specific options. Previously, all fields within the setting were automatically turned On and could not be disabled. Learn More

Plus, many more new features and improvements.

Stay tuned for future releases!

Jeevan Tokhi
Head of Product – Simple Fund 360, Simple Invest 360 and BGL SmartDocs 360
E: [email protected] | P: 1300 654 401
Connect with me on LinkedIn

April 5, 2024
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Simple Fund 360 and Simple Invest 360 Product Update – 1 February 2024

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

What's New?

Documents and Workflow
Leverage BGL’s new generative AI technology and integrated Workflow module to automate job creation directly from the Documents screen! This feature works for any document with the AI suggesting the appropriate tasks. Learn More

BGL SmartDocs Email
When an email is received by BGL SmartDocs, its AI technology will evaluate if the email content can be used as accounting documentation, triggering accounting tasks, administration or other workplace-specific activities. If the content meets the criteria, the email is automatically converted to PDF and stored in the Document screen of the specific fund or entity. These PDF emails can also be attached in the Workpapers screen. Learn More

Audit Management screen
Track SMSF audits from start to finish with the new Audit Management screen. Update the audit status and store all documents manually or automatically allowing users to integrate with audit partners and other platforms. Once an audit is complete, easily update the annual return from the same screen. Learn More
This feature is exclusively available in Simple Fund 360. 

Workpapers
Save time reconciling 85000 Tax Payable accounts with the new income tax reconciliation table. This feature will automatically populate the current year’s tax payable/refundable and instalment amounts, requiring only manual entry for adjustments to calculate the closing balance. Learn More
This feature is exclusively available in Simple Fund 360.

Workpapers
External document URLs (e.g., Sharepoint, OneDrive, FYI Docs, Dropbox, or Google Drive links) can now be attached in the Working Paper Detail section and Supporting Documents. Users can now also adjust the document order for Working Paper Details and Supporting Documents. Learn More

Workpapers
To view the list of transactions for each account for a Workpaper, the current year transactions can now be viewed within the Workpapers screen. Clicking on a transaction will open the entry in the Transaction screen. Learn More

Pension Commutation Wizard
Transactions posted using the Pension Commutation Wizard now clearly indicate whether they are partial or full commutations. This feature is exclusively available in Simple Fund 360. Learn More

Corporate Actions
10 mergers have been added to Corporate Actions. A warning message will now also be displayed if there is a future disposal or CGT event. Learn More

Reports
The Operating Statement now has the option to combine property expenses. Learn More

Plus, many more new features and improvements.

Stay tuned for future releases!

Jeevan Tokhi
Head of Product – Simple Fund 360, Simple Invest 360 and BGL SmartDocs 360
E: [email protected] | P: 1300 654 401
Connect with me on LinkedIn

February 2, 2024
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BGL Masterclass returns March 2024

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

BGL is proud to announce the return of its BGL Masterclass roadshow event in March 2024.

“We’re so excited to hit the road and connect with our incredible clients face-to-face,” said BGL’s Chief Executive Officer, Daniel Tramontana. “The BGL Masterclass is an absolute must-attend for BGL CAS 360, Simple Fund 360 and Simple Invest 360 clients seeking a deeper understanding of their software and how they can boost productivity.”

The BGL Masterclasses will be presented by an all-star lineup of BGL experts featuring Andrew Paszko, Simple Invest 360 Product Manager, Jeevan Tokhi, Head of Simple Fund 360 and Warren Renden, General Manager – CAS 360, Ecosystem and Brand. 

The event will cover new and key features and their benefits, best practices and processes, essential BGL Suite integrations and time-saving tips, tricks and shortcuts. Plus, attendees will get an exclusive sneak peek at BGL’s product roadmaps.

Warren Renden, General Manager – CAS 360, Ecosystem and Brand at BGL, said, “The BGL Masterclass is not just an event – it’s an interactive and immersive learning experience for our clients. We are beyond excited to showcase our latest features and their benefits, ensuring our clients have the skills and knowledge to unlock the full potential of their BGL software. The purpose of the Masterclasses is to help our clients improve their skills and knowledge. That’s why we offer many learning resources, including the BGL Masterclass and BGL REGTECH events, live and on-demand online product training, webinars, education weeks and more!”

The BGL Masterclass will take place in Adelaide (05/03), Perth (06/03), Sydney (19/03), Brisbane (20/03) and Melbourne (26/03).

For more information and to reserve your place, visit www.bglcorp.com/bglmasterclass. 

December 21, 2023
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Simple Fund 360 and Simple Invest 360 Update – 30 November 2023

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

We are excited to announce the latest update for Simple Fund 360 and Simple Invest 360. Click here to check out the full release notes.

Join Jeevan Tokhi, Head of Simple Fund 360, and special guest Aaron Dunn, CEO and Co-founder of Smarter SMSF, for a webinar on Tuesday 19 December 2023 at 11:00 AEDT, as we highlight the most exciting feature releases of 2023. Register Now! 

Join the conversation in the Simple Fund 360 and Simple Invest 360 online communities.

What’s new in Simple Fund 360 and Simple Invest 360

Property Dashboard: BGL now integrates with CBRE to provide clients with seamless access to property valuation services that meet SMSF audit requirements across residential, commercial and agribusiness assets. Learn More 

Cash Flow Analytics: A new analytics dashboard has been created to display bank balances versus minimum/maximum targets, cash in/out by month and cash flow from investment income for SMSFs, trusts and companies. Learn More 

Custom Reports: Custom Reports now support 3 new mail merge fields for Business Activity Statements (BAS) and Instalment Activity Statements (IAS):

  • Period end date
  • Due date
  • Refund/Liability

Corporate Actions: The following ASX mergers have been added to Corporate Actions:

  • AQS: 16 October 2023
  • CBR: 6 November 2023
  • ESS: 7 November 2023
  • ACB: 8 November 2023
  • NCM: 8 November 2023

Workpapers: An N/A option has been added to all the standard checklists in Accounting Workpapers. This is ideal for items not required to be checked for the entity. Learn More 

Workflow: The Entities screen now supports sorting by entity code and filtering by multiple labels. Also, changing the status of a Job to Complete will now automatically complete all tasks for that job. Learn More 

Exclusive to Simple Fund 360

BGL's complete SMSF administration software

Fund Transfers: The fund transfer process now allows for the export of Workpapers. This is optional and can be turned off if required. Learn More 

Plus, many more new features and improvements. Remember to check out the full release notes in the Simple Fund 360 / Simple Invest 360 Online Help and join the conversation in the Simple Fund 360 and Simple Invest 360 online communities. Links to previous update release notes are below:

Stay tuned for future releases! 

Jeevan Tokhi
Head of Simple Fund 360
E: [email protected] | P: 1300 654 401
Connect with me on LinkedIn

November 30, 2023
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