BGL releases SMSF annual return for 2022
The latest Simple Fund 360 release supports the preparation of the 2022 SMSF annual tax return with all supporting schedules.
BGL Corporate Solutions released its latest software update for Simple Fund 360 last week. The release supports the 2022 SMSF Annual Tax Return with all the required supporting schedules and electronic lodgment through the ATO’s Practitioner Lodgment System (PLS) from 1 July 2022.
The release also features an update to the BGL and Xero SMSF tax integration so clients can seamlessly send the 2022 SMSF annual return from Simple Fund 360 to Xero Tax for lodgment.
Other changes include the addition of 2023 tax labels to the chart of accounts, the ability to process tax instalments for the 2022-2023 financial year, and support for funds winding up in the 2023 financial year.
It also includes a new 2022 fact finder report to assist professionals in reviewing fund data and super changes and an ECPI election minute.
BGL managing director Ron Lesh said every year BGL’s clients eagerly await the release of the SMSF tax return.
“By releasing this as early as possible, we hope to alleviate some of the pressure that comes with the end of the financial year, while ensuring our clients can get ahead of the competition at tax time,” said Mr Lesh.
BGL’s investment portfolio software solution, Simple Invest 360, has also been updated to support the 2022 Trust Tax Return with all the required supporting schedules and electronic lodgment.
“This release also features 3 new reports in Simple Fund 360 and Simple Invest 360, to make reviewing portfolio's a breeze for SMSFs, trusts, companies, and individuals” continued Mr Lesh.
“The new reports include an asset allocation pie chart to show the relative size of each asset category within the portfolio, an asset allocation report which breaks this down in detail, and a defensive vs growth asset allocation pie chart.”
With the 2023 financial year just around the corner, legislation changes have also been implemented in Simple Fund 360 for changes for downsizer contributions, the pension minimum reduction to 50 per cent and non-concessional contribution 3 year bring-forward cap.
Miranda Brownlee is the deputy editor of 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 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.