BGL completes successful implementation of SuperStream changes
BGL’s Simple Fund 360 software has successfully become SuperStream Rollover compliant since 1 October 2021.
Since the start of October, SuperStream became mandatory for all member balance rollovers to SMSFs. The ATO advised all SMSF SuperStream must now be completed with SuperStream.
On 28 September 2021, BGL released a major update to its cloud-based SMSF administration software solution, Simple Fund 360, and successfully implemented the SuperStream changes.
“I am incredibly proud of the team,” Ron Lesh, BGL’s managing director, said.
“This was a huge task for BGL as not only did we need to develop the convoluted SuperStream rollover process with a new data provider, but we also needed to create a new BGL Electronic Service Address (ESA) for clients.”
Since 28 September 2021, BGL Simple Fund 360 clients have had access to a major software update that includes the SuperStream changes.
This was the fourth Simple Fund 360 update since 30 June 2021. The new software allows clients to initiate and receive member balance rollovers and process release authorities with the new BGL ESA.
BGL has also developed a number of SuperStream resources for BGL clients.
As previously advised, BGL reminded that SuperStream rollovers are not supported in Simple Fund Desktop.
“Simple Fund Desktop clients can continue their relationship with Australia Post to collect contribution and rollover data, but this data CANNOT be imported into Simple Fund Desktop,” BGL said.
“You may still receive an email from Australia Post with details of contributions and from November rollovers, or you can log in to your Australia Post account where these details are displayed.
“The new BGL ESA will support SuperStream contribution, rollovers and release authorities, but only if you are a BGL Simple Fund 360 client.
“To register with the new BGLSF360 ESA, the fund will need to be in Simple Fund 360. You can only register directly through the software.”
Tony Zhang is a Journalist at SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2020, Tony has covered various publications across the legal, financial and professional services sectors including Lawyers Weekly, Adviser Innovation, ifa and Accountants Daily.