15th June 2023

1. Trust Tax Return 2023 – The Trust Tax Return has been updated for the 2023 financial year, including the CGT and Losses Schedules.
   • For details on changes to Items on the Tax Return, see the ATO page outlining Trust Tax Return changes for 2023.
     
     
2. Company Tax Return 2023 – The Company Tax Return and schedules have also been updated for the 2023 financial year.
   • For details on changes to items on the Tax Return, see the ATO page outlining Company Tax Return changes for 2023.
     
     
3. Reports - The new Fact Finder 2023 report for SMSFs is available, including new sections about Quarterly reporting of TBAR events and new downsizer contribution requirements.
   
   
4. Documents – Bank Statement functionality has been improved! Any Bank Statement already uploaded to your entity can now be used to create transactions. For instructions, see the new article about Creating Transactions from Uploaded Bank Statements.
   
   
5. SmartDocs – When emailing documents to Smart Docs email, entering a financial year in the subject line will now automatically sort these documents into that financial year.
   
   
6. BGL API – The 2022 SMSF Annual Return onwards is now available through BGL’s API

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

1. Qudos Bank is now available through BankStatements Powered by Illion.

 2. 6 New mergers have been added to the Corporate Actions Dashboard!

3. We’ve improved the Consolidated Reporting screen, offering the choice to ignore inter-entity investments when producing the report. We’ve also improved the financial tab, making it more interactive and detailed. This allows you to delve deeper into the individual accounts that make up each component.

4. Improvements have been made to the Contribution Dashboard to be able to include External Contributions that occurred prior to the member account start date or eligible period start date.

5. Withholding tax on dividends, interest and royalties is now calculated for non-resident beneficiaries and will be shown in the ‘Tax Components’ section of the Distribute Profit screen for Trusts.

6. Now, on the Documents screen, you have the ability to make bulk updates for Tags, Financial Year, Folders and Permissions for selected documents. This feature enhances efficiency and convenience when it comes to managing documents, especially in large quantities.

7. Enhancements to the Lodging Party Screen:

• Ability to allow future entities to be assigned a lodging party by default.
• Upon saving a confirmation message will display indicating total number of entities attached to a lodging party.
• A ‘click to copy’ function has been added for the Software ID.

8. Minimum pension payment factors have been updated for the 2024 financial year within the Pension Dashboard.

9. The Projected Pension Calculation Report has been updated for the 2024 financial year.

10. The Pension Payment Declaration Report has been updated for the 2024 financial year.

11. Users are now able to prepare the PAYG Payment Summary - Income Stream Form via the Reports Screen.

12. Various changes have been made to the Notes to the Financial Statements for Trusts, Companies, and Individuals as per XYZ model requirements.

13. BGL’s supplier for end-of-day prices for securities listed on NYSE, NASDAQ, LSE, HKEX and SGX has been changed to a new international data feed provider – Exchange Data International (EDI).

14. SmartDocs – Rental Statements now supports statements where income and expenses are listed horizontally. Presently, only the annual figures are extracted from horizontal statements, with plans to include monthly breakdowns in a future update. 

15. Dividend information recorded under the more details section of 25000 – Interest Received accounts will populate in the related fields of the Statement of Taxable Income, Franking Account Worksheet, Distribute Profit and Tax Return screens, for Trusts, Companies and Individual entities.

16. We've included a hyperlink to the validation report within the SMSF Annual Return.

17. From 1 July 2023, all SMSFs will be required to report quarterly regardless of member’s TSB. As such all unreported events that occur before 30 September must be reported by 28 October of this year. Simple Fund 360 will accurately display the due dates of all events within the Transfer Balance Dashboard and TBAR Management screens, accounting for this change. 

18. Changes have been made to accommodate the indexed non-concessional contribution caps from 1st July 2023.

19. You can now select for the 2024 financial year in the more details panel of the 85000 – Income Tax Payable/Refundable account. 

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

1. PAYG Screen (SMSF Only): The All Reports button will now be greyed out for transactions that have been deleted.

2. PAYG Screen (SMSF Only): For members who are 60 and over, the PAYG lump sum transactions will now only populate when there is a taxable component with untaxed elements.

3. TBAR Management (SMSF Only): Cap Limit manual adjustment will now flow through to the 2022-2023 financial year.

4. Lodgement Declaration (SMSF Only): Wording change to the Validation message.

5. SMSF Tax Return: Corrected Losses Schedule calculations in instances where a fund that has Exempt Current Pension Income & Tax losses also has any D2, L2, E2, I2 Tax adjustments (SMSF Only)