BGL releases new Simple Fund 360 update
BGL has released a new update to Simple Fund 360 along with a suite of new features added to Simple Invest 360.
BGL Corporate Solutions has announced the first major Simple Fund 360 and Simple Invest 360 updates for 2022.
The new Simple Fund 360 includes new SuperStream improvements with a number of features made to help streamline SuperStream rollovers.
This includes the ability to validate the Unique Superannuation Identifier (USI) entered via the Fund Validation Service (FVS), automatically populate APRA Fund Name and ABN on entering the USI and capture the receiving fund’s ABN and USI for use in Rollover Benefit Statement (RBS).
New features also include being able to receive an error message when an APRA fund does not have Rollover v3 enabled and checking if a contact already exists before creating a new one – preventing duplicate data.
“Plus, further improvements have been made to the Fund Validation Service (FVS) responses,” BGL said.
“New alternate Member’s Statement and Consolidated Member’s Statement reports have been added to Simple Fund 360 based on client feedback. The new reports have additional sub-headings, a summary account balance section, a detailed member section and a new graph design.
“The Trustee Minute / Resolutions have also been improved and now provides clients with the ability to add custom text paragraphs.”
New updates to Simple Invest 360
BGL has also released the highly requested Trust Tax Return features to Simple Invest 360.
BGL said the Trust Tax Return would be released in two parts to provide clients with the opportunity to provide feedback on the functionality of the initial features in part one – the paper tax return, while the team works hard to release part two – electronic lodgement.
The current release includes a brand new Trust Tax Return populated from the Simple Invest 360 tax calculation engine, support for the 2021 Trust Tax Return (paper/printed copy ONLY), along with associated schedules (CGT Schedule, Losses Schedule, Rental Schedule and Attachment Schedule).
There is also a dynamic link to ATO help and an invalid field navigation to help speed up validation.
“Stay tuned for the release of Part 2, which will provide clients with the ability to electronically lodge the 2021 Trust Tax Return from within Simple Invest 360!” BGL added.
Tony Zhang
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.
