Important - ELS will be supported in Simple Fund Desktop until 31 July 2017
Simple Fund Desktop clients will be able to lodge 2016 and prior year SMSF Annual Returns through the Electronic Lodgement Service (ELS). The ATO have advised ELS will remain open until 31 July 2017. After this date, the Practitioner Lodgement Service (PLS) will be replacing the Electronic Lodgement Service (ELS) as the primary lodgement channel. Lodgements through PLS will need to be made with SBR-enabled software packages. BGL has decided not to support SBR lodgement through Simple Fund Desktop. This means if you wish to lodge your SMSF Annual Returns electronically for 2017 and later years, you can migrate to Simple Fund 360.
Simple Fund 360 currently supports electronic SBR lodgement for 2014, 2015, 2016 and shortly the 2017 SMSF Annual Returns. BGL will continue to support Simple Fund Desktop. This support will include all calculations, financial statements, reports and paper SMSF Annual Returns.
For Simple Fund 360 users, the ATO has introduced a new SBR Cloud Authentication and Authorisation (CAA) process for all cloud-based tax software. You will no longer be required to upload your AUSkey into Simple Fund 360 - you will simply notify the ATO that BGL is your software supplier. Check out the links below for more information:
For a full guide to lodging your SMSF Annual Return in Simple Fund 360, refer to:
If you haven't yet seen Simple Fund 360 and would like to learn more, browse through the following online help areas or give us a call on 1300 654 401.
FAQs
How long can I continue to use Simple Fund Desktop to Lodge via ELS?
Simple Fund Desktop will be able to lodge all ELS forms until 31 July 2017. After this date, all forms lodged electronically will need to be lodged through PLS with SBR-enabled software.
What is the Practitioner lodgment service (PLS)?
The Practitioner Lodgement Service (PLS) is replacing the Electronic Lodgement Service (ELS) as the primary lodgement channel. Lodgements made using PLS will need to be made with SBR-enabled software packages.
What is SBR?
Standard Business Reporting or SBR is the new ATO standard approach to online record-keeping and PLS that was introduced by the government in 2010 to simplify business reporting obligations and replace the old ELS Process.
Simple Fund 360 is certified to lodge the SMSF Annual Return for 2014, 2015 and 2016 forms using the ATO online lodgement system, Standard Business Reporting (SBR).
I have Simple Fund 360, How do I move to SBR enabled Lodgements?
Simple Fund 360 subscribers simply nominate and authorise BGL as a registered provider with the ATO and present a unique software ID. Nominating BGL as your software provider will advise the ATO that this software will be used by yourself to lodge documents online.
Once registered you do not need to worry about AUSkey Password changes or issues and it will remove the need to confirm the AUSkey password throughout the lodgement process. When nominating, you will need to have the following information ready:
- Your ABN (Registered Agents can also use their RAN);
- The full name of the Software Provider (BGL Corporate Solutions Pty Ltd);
- SBR software ID (supplied by the software provider).
I don't have Simple Fund 360. How do I move to SBR enabled Lodgements?
The BGL Team and your Client Relationship Manager are here to help.
We understand moving to new software can be daunting, so we have set up a dedicated Migration Team to help you move from Simple Fund Desktop to Simple Fund 360 with minimum fuss. Moving to Simple Fund 360 is an automated process that ensures ALL your valuable Simple Fund Desktop data and documents are kept for you forever.
If you need our help or want any further information, please call us on 1300 654 401. You can also learn more about the differences between Simple Fund Desktop and Simple Fund 360 by clicking here.
Why has BGL determined not to invest in Simple Fund Desktop SBR development?
There are several reasons we are not investing in Simple Fund Desktop. Technology moves at a rapid pace. The technology supporting Simple Fund Desktop is over 20 years old. To integrate this old technology into the modern SBR framework would be very costly and difficult to maintain due to incompatibility and resources restraints. BGL has invested heavily for the future to help our clients keep pace in an increasingly competitive SMSF compliance industry. This is evidenced by our large investment into supporting SBR with our cloud-based application Simple Fund 360.
What benefits does SBR provide over ELS?
- With the BAS/IAS forms SBR is able to extract information from your accounting records without having to Create Entries (including payroll records) and prepares reports directly from your software;
- SBR means no more lost passwords with simplified but secure token management which is handled by SBR rather than you having to change your ELS password every 30 days;
- Additionally, no costly IT installation of VPN and CISCO clients is required by your firm.
How long can I continue to use Simple Fund Desktop to prepare Financial Accounts and Tax Calculations?
Simple Fund Desktop will continue to be supported; no end of life date has been determined at this point in time. We are recommending that clients move to the more advanced Simple Fund 360 application due to improved efficiency in preparing accounts with the list of advanced features like automated corporate actions and analytical insights growing every few weeks.You will be able to continue to use Simple Fund Desktop to prepare 2017 and later financial year compliant accounts including paper-based Annual Returns, tax reconciliations and tax-deferred calculations.
How can I lodge prior year returns when ELS is replaced by PLS?
The ATO have informed BGL that Simple Fund Desktop clients will be able to process 2016 and prior year forms through ELS up until 31 July 2017.
After this date, you will need to lodge prior year forms through SBR PLS using Simple Fund 360.