Overview 

The integration between Simple Fund 360 and Xero Practice manager now allows Self Managed Superannuation Fund (SMSF) Annual Returns to be exported from Simple Fund 360 into Xero Practice Manager with a click of a button.

How does this integration work?

All sections of the SMSF Annual Return and related schedules are exported into Xero.

The diagram below summarises the flow of tax data from Simple Fund 360 into Xero.

Pre-Requisites

Simple Fund 360

Before exporting the SMSF Annual Return from Simple Fund 360, the fund must be finalised and create entries processed for the full financial year.

Xero Practice Manager

A Self Managed Superannuation Fund (SMSF) client will need to be set up in Xero.

A draft return needs to be created before the SMSF Annual Return can be imported into Xero.

Instructions

1. Set up in Xero 2. Export SMSF Annual Return to Xero 3. Update Lodgement Status in SF360 

1. To set up a SMSF client, instructions can be found here.

2. Ensure the ‘Prepare Tax Form’ checkbox is ticked

3. Prepare a draft SMSF Annual Return for the financial year to be imported from Simple Fund 360. Instructions to create a new tax return can be found here.

1. In Simple Fund 360, navigate to Compliance on the left-hand side menu.
Select Tax Compliance from the list.

2. In the Tax Compliance screen, click on ‘Xero Connect’ button.

Note: The SMSF Annual Return does not need to be validated before exporting to Xero.

If a Lodging Party is already set up, BGL recommends to ‘Validate’ the SMSF Annual Return prior to exporting the return to Xero. This is to assist in detecting any issues found with the Annual Return.

3. Enter your Xero login credentials.

 4. Once logged in, click on ‘Allow Access’ button. 

If the ‘Allow Access’ button is greyed out, please see Troubleshooting guide below.

5. Select the Fund to import into Xero

Important: The ABN of the SMSF Annual Return exported from Simple Fund 360 must match the ABN of the Fund to be imported in Xero.

6. Select the Year of the Annual Return and click ‘Send’

7. An ‘Export Successful’ message is displayed when the Annual Return is successfully exported from Simple Fund 360 and imported to Xero.

8. Click ‘Disconnect with Xero’ button to end the connection/session.

9. Users may now close the page.

10. The document status of the annual return will now be updated to ‘Sent to Xero’. For audit trail purposes, a Lodgement Status report can be prepared to view this status.

Once the Annual Return has been lodged, users can update the Lodgement Status in Simple Fund 360 to ‘Lodged (Xero)’.

In Simple Fund 360, navigate to Compliance on the left-hand side menu.
Select Tax Compliance from the list.

2. In the Tax Compliance screen, click on ‘Form Status’ button.

3. Click ‘Mark as Lodged’ button to update the Lodgement Status to Lodged (Xero).

4. The Lodgement screen will now display a record with the lodgement status as ‘Lodged (Xero)’ under the ‘Returns Lodged’ tab.

5. A Lodgement Status Report can be prepared to display the statuses of each Annual Return.

Solution:

1. Log in to Xero Practice Manager software.

2. Under Business, click on Settings.

3. Under Practice, click on Staff.

4. Select the user / staff

5. Tick ‘Authorise 3rd Party Full Access’ checkbox.

6. Click Save to update the changes.

Issue 2. ‘Can not find any SMSF return on Xero for fund <fund name>’

Explanation:

A draft tax return has not yet been created in Xero.

Solution:

Instructions to create a new tax return can be found here.