New Features
Transfer Balance Cap and TSB Threshold Updates
Transfer Balance Cap Indexation:
From 1 July 2025, the General Transfer Balance Cap (TBC) has been indexed by $100,000, increasing the cap from $1.9 million to $2.0 million.
The Personal Transfer Balance Cap will now vary between $1.6 million and $2.0 million, depending on an individual’s highest ever balance in their transfer balance account.
- Simple Fund 360 has been updated to reflect these changes in the Fact Finder 2025, pension commencement screens and Transfer Balance Account Reporting (TBAR) calculations.
Total Superannuation Balance (TSB) Threshold Update:
In line with the TBC indexation, the TSB threshold used to determine eligibility for the 3-Year Bring-Forward Rule for Non-Concessional Contributions has been updated in accordance with the new $2.0 million cap.
- Simple Fund 360 will now apply the updated TSB thresholds automatically when calculating contribution caps for the 2025/26 financial year and beyond.
AI Assistants - two new AI Assistants are available
- Global Investment AI Assistant - This assistant helps you easily analyse and query investment data across all entities you manage, without switching into each one individually.
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Financial Analytics AI Assistant - Provides summaries, insights, and analysis based on the Balance Sheet, Statement of Financial Position, Operating Statement, and Cash Flow Report for a selected entity.
2025 Tax Time Updates
The 2025 Trust Tax return is now available.
The following changes have been implemented in line with ATO requirements for the 2025 Trust Tax Return:
- Label Changes:
- Label 8 (Z TRT77 – Share of net income from trusts) updated descriptions for trust types to include CCIVs.
- Label 9 (Rent – Section B) now includes a new label - Build to rent caltial works deductions.
- Label 52 (Small Business Boost) has been removed for 2025. Numbering continues as 51, 53, etc.
- Managed Investment Trusts (MIT) Enhancements:
- Two new questions: "Is the trust a stapled MIT?" and "Is it a withholding MIT?"
- MIT Type drop-down expanded with new classifications.
2025 Company Tax Return – What’s New.
- Trust Distributions (Label E): Info section added; drop-down options expanded to include new trust types (e.g. CCIV, testamentary trust).
- New Deduction Label (Y): Added for Build to rent capital works deduction at 4%.
- Removed Labels: Labels J and K removed from Section C.
- Disclosure Questions (28 & 29): Titles and wording updated for clarity on overseas interests, branch operations, and thin capitalisation rules.
- Section A – Question 3E: New business status options pending confirmation.
Workpapers – Carry Forward Individual Attachments:
- Individual attachments in Workpapers can now be marked to carry forward to the next financial year. This is particularly useful for documents such as settlement statements, contracts, borrowing costs, and pension documents that remain relevant across multiple years.
Transaction Screen Updates - Deductions for Personal Contributions:
- You can now prepare deduction notice forms and letters for personal super contributions directly from the Transaction screen, streamlining compliance and documentation for tax deductibility.
Enhancements
- The 2025 SMSF Annual Return can now be exported to Xero and LodgeIT
- The 2025 SMSF Annual Return and Schedules - We have added the ATO schedules instructional links to the SMSF Annual Return.
- BGL SmartDocs - We've enhanced the accuracy of reading BSB, Account Number, and Account Name, with improved support specifically for Macquarie Bank statements import from the Bank Feed.
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Corporate Actions
- 3 new mergers added.
- Document Upload - We have simplified the process of uploading documents in the Audit Management screen. The new upload document widget gives you more control over the classification of the document.
- Entity Dashboard - Users can now run the "Bank Statement Report" for a selected bank account.
- Entity Details - If the entity is GST registered with the ATO, the GST Registered will be automatically enabled.
- Open Banking - Changes made to Account Number Validation for St George Loans accounts.
- Reports - The Fact Finder Report has been updated for 2025.
- Reports - Balance Review Report has been updated for 2025.
- Request Matching Button - This feature has now also been added to the Smart Matching page.
- Selfwealth Feed - The ANZ Bank Account for Selfwealth will be updated. The bank account changes will take place on 14th June 2025. BGL will update the relevant details to ensure the data feed continues to operate seamlessly following this change.
Quality Improvements
- Contract Notes Service - Added informative message in the set up screen for better user guidance
- Deductions Notice Request Letter - Update header in report to "Deductions Notice Request Letter" to match the report name
- Registry Data Service - Added informative error message in the set up screen for better user guidance
- Smart Reports - fixed discrepancies between Smart Operating Statement and Operating statement due to account 24800
- Trust Tax Return - fixed an issue where Property details were not populating correctly in the Rental Schedule.