SMSF software provider BGL has now registered for the lodgement of electronic SMSF annual returns through the ATO's Standard Business Reporting (SBR) system.
BGL achieves SBR registration for SMSF returns
BGL said the firm's clients will now be able to lodge electronic SMSF annual returns at any time from any device through the new reporting system.
BGL's managing director Ron Lesh added that many BGL clients continue to have their heads in the sand when it came to matters of automation and integration, despite discussion within the SMSF industry.
“A recent BGL client survey of over 500 firms found 63.9 per cent of our clients have no plans to implement data automation in the next three years,” said Mr Lesh.
“The SMSF industry and their clients will pass them by if they remain ostriches.”
Mr Lesh said BGL has introduced rules to govern the funds that clients can migrate to Simple Fund 360, BGL’s SMSF cloud solution.
“We need clients to be setting up automation before they migrate their funds to Simple Fund 360,” he said.
“Although CSV and MYOB BankLink data uploads and manual data input is available, it is automation that really provides clients with the benefits of the cloud.”