Firstly make sure you are running the latest version of Simple Fund. The ATO are continuing to fix errors with the SMSF Annual Return and MCS form specifications and each specification change requires BGL to update the Simple Fund software. It is therefore critical that you are running the latest versions of Simple Fund. In Simple Fund go to Administration | Defaults | task Help screen and ensure the check box “Software Update Notification” is selected. This way you will receive a message as soon as an update is available.
Secondly download the Simplification Guide (21/08/2008) from the BGL Client Centre and ensure everyone who uses Simple Fund in the office has a read through the guide. This handy guide has been prepared by BGL Corporate Solutions Pty Ltd for Simple Fund clients and has been designed to give you a brief description of changes to the relevant sections of legislation and the changes made to Simple Fund in Version 11.1.
Thirdly check the FAQ Knowledge base. Support is receiving a high number of calls that can be easily resolved by clients reading the Knowledge base before logging a call. The knowledge base is constantly being updated for any Simplification questions being posed by clients.
The following is a list of Simplification related Articles currently available from the Knowledge Base:
Article 456: Crystallisation of member components as at 01/07/2007
Article 458: Proportioning Rule
Article 459: Recording pension payments with the new proportioning rule for the 2007/2008 year and later
Article 460: How to process transition to retirement pensions.
Tip of the Month
V17 Mandatory Tag :Date Audit completed Missing. Question 6 - Date Audit was completed on the SMSF Annual Return is a new question for 2008 that all funds must complete.
Under a new regulation that took effect late last year, trustees must appoint an auditor at least 30 days before the due date for the return. Simple Fund will use the Audit Report Date in the Financial Reports | Audit Report screen to populate Question 6 - Date Audit was completed on the SMSF Annual Return. So please ensure you go to the Audit Report screen and input a valid date before you prepare the SMSF Annual Return.
