The Simple Fund team is currently finalising Simple Fund Release 11.1 containing the 2nd round of better superannuation legislation changes that come into effect for the 2008 Financial year.
The volume of superannuation changes contained in Release 11.1 is unprecedented and BGL encourage all parties involved in SMSF administration to attend the Simple 11.1 Update session held around Australia in August 2008.
The main changes to Simple Fund 11.1 include:
- new 2008 SMSF Annual Return that only SMSFs will be able to lodge.
- significant changes to member contributions reporting for SMSFs
- major changes to ‘Form F’ Fund Income Tax Return
- changes to the MCS for all funds pre 2007 and post 2007
- enhanced 2008 Audit work papers module
- No TFN’s and Contributions changes
Simple Fund Tip
BGL Support staff are getting a lot of question about how to crystallise the pre- July 1983 component. The crystallisation occurs automatically when you balance a fund forward to the 2008 Financial year. This crystallization process is contained in the current Release 11.0 of Simple Fund. In actual fact it has been available to clients since last July 2007 with the release 10.1 of Simple Fund. Here is a reprint of an earlier newsletter article that explains the crystallization in more detail.The ATO requires Superannuation providers to crystallise the pre-July 1983 component of a superannuation interest before 30 June 2008. Superannuation providers who do not calculate the crystallised pre-July 1983 component by 30 June 2008 may be subjected to an administrative penalty from the ATO.
Simple Fund users should therefore ensure that they have completed the following three step process before 30th June 2008.
- Ensure you have input your earliest eligible service period date into the “Date commenced Service Period” date field in each Members | Details screen.
- Ensure you have accounted for all Pre 83 amounts and finalized the 2007 Financial Year accounts where possible.
From the Fund Details screen Click 
'Balance Forward'. Select the three check boxes and process the Balance Forward to the 2007-2008 financial year During the balance forward process Simple Fund will automatically determine the crystallised segment of the tax free component of a member's superannuation interest. A Balance Forward Report will be generated at 01/07/2007 showing the balances and components for each of the member's in the fund at 30/06/2007. It will then show the journals posted by the system that were needed to correctly place the member's balance into the appropriate Taxable and Tax Free accounts (5xx/001 - 5xx/006).
