According to the ATO, SBR allows a two-way flow of information from a business to government and supports “more flexible data management and reporting formats”.
BGL said its clients will now be able to lodge electronic SMSF annual returns at any time from any device through this new reporting system.
BGL's managing director Ron Lesh also said a lot of BGL’s clients continue to have their heads in the sand in terms of automation and integration, despite discussion in the SMSF industry.
“A recent BGL client survey of over 500 firms found 63.9 per cent of our clients have no plans to implement data automation in the next three years,” said Mr Lesh.
“The SMSF industry and their clients will pass them by if they remain ostriches.”
Mr Lesh said BGL has introduced rules around the funds clients can migrate to Simple Fund 360, BGL’s SMSF cloud solution.
“We need clients to be setting up automation before they migrate their funds to Simple Fund 360,” he said.
“Although CSV and MYOB BankLink data uploads and manual data input is available, it is automation that really provides clients with the benefits of the cloud.”