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27th April 2023

  • Updated



New Features

1. Contract Notes Log: Manage entities utilising our Contract Notes service with our new and improved interface.

2. LightYear Docs: The LightYear Docs integration allows you to set up SMSFs on the LightYear Docs platform and push the data to Simple Fund 360, this ensures your Simple Fund 360 account stays up to date with all of your latest establishments and sends a copy of your establishment documents from LYD to Simple Fund 360.

3. LodgeIT: SMSF Annual Returns can now be exported directly to LodgeIT. With LodgeIT's cloud-based tax lodgment software, users can easily prepare and submit tax returns, allowing you to lodge all of a Client’s returns in one system. This function can only be used for 2022FY onwards.

4. Lodging Party: Our latest upgrade has given the screen a new look and feel, making it more intuitive and user-friendly. With our streamlined setup process, you can now quickly enter Tax Agent details and link entities to authorise BGL with the ATO.

5. Registry Data Service: BGL now integrates with Advanced Share Registry to automatically receive Holding data based on the Entity’s HIN or SRN. The Balance Review screen can be used to confirm unit balances with each of the supported Registries on a quarterly basis.

6. SuperStream: New ‘Trustee Change ESA Notification Letter can be prepared directly in SF360 and provided to SMSF Trustees when the fund has changed ESA.

 

Improvements

Unless specified, the following apply to SMSFs, Trusts, Companies and Individuals within Simple Fund 360 and Simple Invest 360.

  1. Fund Pension Policies: The technology behind the Fund Pension Policies screen has undergone an upgrade to resolve an issue where certain users encountered difficulties in loading the screen or were logged out abruptly.
  2. Capital Works and Capital Allowance: Trusts, Companies, and Individuals in Simple Invest 360 can now link Capital Works and Capital Allowance tax adjustments to a property when completing the year-end process. The Statement of Taxable Income, Rental Property Statement, Tax Reconciliation, and Tax Return will all reflect these modifications.
  3. Corporate Actions: 1 New Merger has been added to the Corporate Action screen.
    ASX Code Date
    SMX.AX 08/03/2023
  4. Consolidated Reporting: The investment data will now be consolidated into a single line for identical investments, and the cover page has been modified to a landscape layout in alignment with the rest of the reports.
  5. Depreciation: Based on user feedback, the Depreciation functions and reports have undergone various enhancements. These include:
    • A new "Write Off" button that appears once the asset's depreciation has been posted and its Closing Written Down Value reaches zero, prompting users to dispose of the asset.
    • A new column in the depreciation schedule dedicated to Capital Works deductions.
    • A warning message that appears if a Pension Fund lacks a Pension Policy for the given year.
  6. Documents: Files added by users to completed transactions via the Transaction List will be automatically organized into the relevant chart folder on the Documents screen.
  7. Smart Matching: The SmartDocs file search function has been enhanced to remove limitations that were caused by customised charts of accounts. Users can now expect a greater number of files to be matched and presented on the Smart Matching screen.
  8. SuperStream: Enhanced error handling to effectively manage unexpected messages.
  9. Reports: The TBAR Cap report now includes the SMSF member’s date of birth.
  10. User Roles: A new user role setting has been added to the role settings screen. Toggle the “View Fund Details” option to allow a user to view the fund details screen without the ability to edit details.

  11. User Roles: Users can now either “Validate only” or Validate & Lodge” Annual Returns for Trusts and Companies.

 

Errors Corrected

1. Audit Reports & Audit Working Paper Settings: The username and today's date were saved in the Badge settings.

2. Corporate Actions: Updated data for the AXE.AX Demerger on 14/10/2021.

3. Corporate Actions: Updated data for the WPL.AX Dividend Reinvestment on 24/09/2021. The currency changed from USD to AUD.

4. Depreciation Screen: Fixed the closing written-down value column, which included depreciation for capital works.

5. Fund Transfer (Simple Fund 360 only): Fixed the LRBA account flag, being incorrectly set.

6. Investment Strategy Comparison Reports: Fixed the report as it had included investments where no market value existed.

7. Reports: Fixed custom letters that were failing to generate.

8. Reports: Fixed Investment Strategy Comparison Detailed Report as the system tags used was not displaying the Asterisk.

9. SuperStream: Corrected spelling mistake in Rollover Download Payment Instruction letter.

10. Transfer Balance Dashboard: The “Add External TSB” financial year was not displayed for future years.

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