Simple Fund

Discussion in 'Superannuation' started by mmm....shiney!, Oct 31, 2012.

  1. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    So if I get rid of my accountant I can do everything I need to do using BGL's "Simple Fund"? I'd just need to find an auditor is that right?

    To those using it, is it fairly straightforward?
     
  2. hiho

    hiho Active Member Silver Stacker

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    wrong
     
  3. hiho

    hiho Active Member Silver Stacker

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    you need an accountant to lodge the return
     
  4. hiho

    hiho Active Member Silver Stacker

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    if you know databases then its ok for general ledger but anything like real estate or business structures you'll need some help.
     
  5. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    thanks hiho, bugger :(
     
  6. MikeW

    MikeW Active Member Silver Stacker

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    I've not used an accountant for some years. I do all the Fund's Financial Statements myself based on Excel spreadsheets, fill out the standard ATO paper SMSF annual tax form, send the lot to my Complience Auditor who checks it all out, signs his section on the tax form then sends it all back to me. I then lodge the tax form myself.
    My fund only has shares, property trusts and cash so it is not too complex.
    I did purchase BGL's software for one year and tried to use it but not having an accounancy background found it too complex and I had to keep referring back to the end figures in my own spreadsheet to see if I was on track with BGL.
    I also keep all assets and income from those assets segregated in each members account so I do not have to use an Actuary each year. (one member in the fund has a pension account).
     
  7. hiho

    hiho Active Member Silver Stacker

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    interesting MikeW, I will raise this with my auditor, I was left with the impression only a tax practitioner could lodge a SMSF return? Obviously not?

    Mike do you have a copy of the spreadsheet template in .xls you would be prepared to share>?
     
  8. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Thanks mike, too late for me this year as the return date for self-preppers was yesterday. I would also love to see a copy of the spreadsheet too, if that's ok.
     
  9. MikeW

    MikeW Active Member Silver Stacker

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    Happy to share the .xls spreadsheet. Give me a bit of time to make up a spreadsheet with a sample fund details.
    Others may well find it very clunkey to use but it suits me and the auditor is quite happy with the end financial reports.
    Mike.
     
  10. nonrecourse

    nonrecourse Well-Known Member

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    Unless you are an accountant you cannot lodge your tax return on the online ATO lodgement website. However you can lodge as an individual using a paper return and BGL and snail mail.

    So much for the tax office spiel about making it simple. Simple Fund is great but yes the program takes a lot of getting use to. If you find an auditor who knows the BGL software they can use your program with an extra licence which keeps everyone's cost down

    Kind Regards
    non recourse
     

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