POWERED BY MOMENTUM MEDIA
BGL unveils CGT solutions
Australian self-managed super fund (SMSF) software solutions provider, BGL Corporate Solutions is releasing a new administration capability ahead of the super reforms on 1 July, giving clients greater options under the new capital gains tax (CGT) changes.
The new administration software offering, Simple Fund 360 would automatically reconcile listed security holding balances with the share registries and use registry data to ensure SMSF holding balances are reconciled on a quarterly basis. The service would be available with Link Market Services.
“Automating the reconciling of holding balances with share registries, the single source of truth, provides our clients with significant efficiencies and benefits,” said BGL managing director, Ron Lesh.
“BGL and Link have worked together to provide this service using the SMSF Holder Identification Numbers to provide the point of connection,” he said.
Lesh said that the utilisation of Simple Fund 360 would remove the need for SMSF administrators and auditors to get paper holding statements. They would so no longer be required to individually confirm each holding balance.
“This is the next step towards zero touch processing in Simple Fund 360…confirmation of holding balances and other data with the share registries is the next step.”
“[It’s] simple for our clients to set up and requires no ongoing maintenance”.
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
