SMSF Annual Return export now supported
2017, 2018, 2019, 2020, 2021 and 2022 SMSF Annual Return can be exported to Xero Tax.
The SMSF Annual Return can now be exported from Simple Fund 360 and imported into Xero Tax.
- The SMSF Annual Return must be validated before the Xero Export icon will display. For more information refer to The SMSF Annual Return.
- The Xero Export button will not display if the Annual Return has already been lodged in Simple Fund 360.
Please ensure that the following have been completed before attempting to export the Annual Return:
- You have nominated BGL as a software provider with the ATO
- Multiple software providers can be nominated at the same time.
- Nominating BGL as a software provider will not restrict you from lodging in different software.
The tax return validation has succeeded before attempting to export the Annual Return.
Export from Simple Fund 360
Navigate to the Tax Compliance screen.
From the Main Toolbar navigate to the Compliance menu. Select Tax compliance.
Once SBR validation is complete select Xero Export.
The Export Button will only be available once the tax return has been successfully validated
- The XML file will be downloaded and stored in your Downloads folder on your computer.
Import into Xero Tax Practice
To import the SMSF annual return into Xero, refer to the following Xero help:
- Once lodgement is complete, we recommend marking the annual return in SF360 as manually lodged. For instructions, see Manually Lodged Annual Returns.
Why do I have to nominate BGL as my software provider and validate the tax return before exporting?
- Nominating BGL as your software provider is a requirement that allows you to validate the tax return. As part of the integration agreement, it is a requirement that BGL passes all SBR validations before exporting the annual return. This also provides the benefit of allowing validation issues to be solved in SF360 prior to export.
I'm unable to complete the validation process. Is there any other way to export the annual return?
- If for whatever reason you cannot validate the annual return, you can download the SMSF Annual Return via the reports screen. However this would mean the figures need to be manually entered into Xero.
An issue with validation can be caused by a number of issues such as the ATO disabling lodgements a few weeks prior to 30 June or issues with the Practitioner Lodgement Service. In these cases, the alternative is to wait until the issue is resolved.
Can I make changes to the annual return after I export it from SF360?
- We recommend making changes to the annual return prior to exporting. This is because any changes made after the export won't be saved in SF360 for future purposes.
If you do make any changes in Xero, we recommend replicating those changes in SF360 and re-validating the annual return to save the changes.