BGL, which makes SMSF administration software Simple Fund 360, rejects the suggestion that SMSFs will adopt event-based reporting later than large APRA-regulated super funds.
BGL said the suggestion that the SMSF industry would move to more frequent reporting later than APRA-regulated funds was just the large funds taking the opportunity to “have a go” at SMSFs, at a time when large funds were having issues with their own technology.
“Our clients records whether they are using Simple Fund 360, BGL’s market leading cloud SMSF solution, or Simple Fund Desktop are in impeccable condition,” said BGL Managing Director Ron Lesh.
“The suggestion they are not is just ludicrous,” he said, noting that BGL clients have been accurately reporting SMSF data to the ATO since 1997.
“All the historical data needed for this new reporting requirements is readily available in the software.”
“I find it interesting every time superannuation law changes, some of the platform providers and the large APRA funds think they are the only ones who will be able to comply.”
“History tells us they are usually the last, rather than the first, to get their systems in order. Wasn’t SuperStream delayed because several of the big APRA funds simply could not get their systems in order?”
Mr Lesh said that users of Simple Fund 360 were in a “great position” to report to their clients on 1 July each year, “months ahead of most APRA-regulated super funds”.
However BGL is concerned that users of Simple Fund Desktop are going to find the new reporting requirements “onerous”.
“These clients do not get the benefits of automation and the latest SMSF technology so I think it will be harder for them to comply” said Lesh.
“The ATO has also said the new reporting will be part of the new PLS (Practitioner’s Lodgement Service) which is not supported in Simple Fund Desktop”.
BGL has increasingly shifted its focus from Simple Fund Desktop to Simple Fund 360 over recent years. Simple Fund Desktop is no longer listed under ‘Our Products’ on the BGL website.