This article will provide you guidance on how to successfully transition your funds onto Class from BGL 360.
We will run through the steps;
Prepare Data Files
BGL masks the TFN so you will need to ensure that you complete the following two sets of steps first before exporting your fund.
Display TFN on Annual Return
Ensure the "display TFN" on Annual Return is ticked
- Navigate to Settings
- Select Badges
- Select the relevant badge
- Select SMSF Annual Return PDF Options
- Tick " Display member TFN in Section F/G"
- Select "Display fund TFN on return and schedules"
- Save
Ensure TFN shown on BGL360
Ensure the "hide TFN" setting in BGL360 is set to 'NO'
- Navigate to Settings
- Select Badges
- Select the relevant badge
- General report settings
- Hide TFN > set this to ''No"
- Save
Export BGL Data File
You can get to this by navigating in BGL 360 to Fund > Fund Export > Export Fund.
Prepare Fund Specific Reports
Create a new report pack in BGL 360 and call it 'Fund Specific Reports - PDF'. Add the below reports to the newly created report pack (PDF format):
| Fund Specific Reports Required - PDF |
|---|
| - Member Statements |
| - SMSF Annual Return |
| - Unrealised Capital Gains Report (Detailed) |
| - Trial Balance and Detailed Balance Sheet and Operating Statement |
| - Fund Summary (see below Note 1 for further instructions to troubleshoot common error) |
| - Detailed CGT Relief Schedule (only required where the fund had applied for transitional CGT relief) |
| - Total Super Balance (if records available in BGL 360) |
| - TBAR cancellations and pending cancellations (if records available in BGL 360) |
| - TBAR Events History (please use Manual data collection form for SMSF) |
| - For Wrap and Broker accounts, please provide either a Broker or Wrap statement that shows all of the assets held in the broker or Wrap account (please contact third party wrap/broker/trustee provider if not available in BGL 360) |
| - For bank account details, please provide either the bank statement with the BSB and Account Number clearly readable, or alternatively provide a list of BSB's, account numbers, and fund codes that the bank accounts belong to. If you have multiple bank accounts in a fund, you should also include a means for the team to tell which account belongs to which BSB/Account Number. |
Fund Summary Report - Error Troubleshooting Instructions
BGL360 sometimes can't print out Fund Summary Report properly. Below is an example of the issue:
In order to solve this issue, we need to create a custom report. Please follow the below steps on how to create the report:
- Select Custom Reports, and then select Add Custom Report
- The Add Custom Report screen will display. Under the Get Your Template heading, select Download Doc
- Simple Fund 360 will download the Custom Letter Template. Open up the Microsoft Word document, delete everything except for "Trustee Minute/Resolution" part, and save it
- Select Custom Reports and then select Add Custom Report.
- The Add Custom Report screen will display. Input the Report Name (we can call it "corporate trustee")
- Under the Upload Your Template heading, select Browse. Select your Custom Letter from its stored location
- Select Upload Doc
- Once it's done, we can drag the document (no 1) and drop it to the reporting package area (no 2)
Create a new report pack in BGL 360 and call it 'Fund Specific Reports - Excel'. Add the below reports to the newly created report pack (Excel format):
| Fund Specific Reports Required - Excel |
|---|
| - Balance Review |
| - Investment Summary |
Once all reports have been added for each fund folder, place the fund folders in to a batch folder. Zip your batch folder ready for uploading.
Submit Files to TMS
For step by step instructions on how to submit your files please see the Transitions Management System article.
Timelines & More
It will take between 1 to 2 weeks for your funds to be loaded by Class. Please be aware that any missing details or reports may result in a delay in transitioning your funds. Once a fund has been loaded, we will advise you that this has occurred along with any assumptions we may have made during this process.
The Class Transitions team can perform additional services for you, including entering historical transactions, portfolio reconstructions, entering depreciation schedules, and data feed identification. For more information please see Additional Transitions Services
What's Next?
Once the Transitions team have loaded all of your files to Transitions Management System complete the Transitions Review using the Transitions Review Guide