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”.