The purpose of this guide is to assist SMSF Auditors to gain a better understanding of Simple Fund 360 and how auditing in the cloud can streamline the audit process.
A summary of the guide is included on this page the complete guide can be downloaded by selecting the button above. The Guide contains an overview of Simple Fund 360, an explanation of the audit work papers functions, which reports are best used, how Simple Fund 360 handles the Super Reforms and discusses integrated audit solutions that can draw data from Simple Fund 360.
Request an Invitation to Simple Fund 360
Auditor access is provided to Simple Fund 360 by the software administrator.
The simplest way to invite an auditor is to go to Fund | Fund Dashboard and select Share With | Auditor.
Complete the auditor's name and email details and click Invite. This will provide the auditor with Audit Access to Simple Fund 360 based on the Auditor User Role.
The auditor will receive an email invitation to login and create a password.
The Auditor will then be able to access:
- Some Dashboards
- Live Reports
Refer to User Roles for more detailed information on the Auditor User Role.
The alternative way to invite an auditor is via Invite User and User Roles.
The following pages provide instructions on how to log in and navigate around Simple Fund 360:
Simple Fund 360 provides users with a full range of Audit Reports provided by TAG Financial Services.
The following reports can be accessed from Reports | Audit Reports:
- Audit Planning Memorandum
- Audit Working Papers
- Compendium Index
- File Index
The following Settings are available for these reports:
- Compliance Checklist
- Fraud Checklist
The following Settings are available for these reports:
All of the above reports can be customised. Refer to Customising the Template for an Existing Report.
Useful SMSF Reports and Reconciliations
The following Reports will assist you in the audit process. These have been broken down into the following sections and you will find a description next to each report:
|Bank Statement Report||
Where a Bank Feed has been established this will compare the Bank's Balance in the Simple Fund 360 ledger against the Statement Balance reported by the Bank or Financial Institution on a daily basis. This Report can be found under Reports | Work Paper Reports
Please Note: The Statement Balance in this report is the actual statement balance received by the Financial Institution. It cannot be edited by any user.
|General Ledger Report||This Report can be found under Reports | Work Paper Reports. You can also refer to Running a General Ledger Report for specific accounts.|
|General Ledger - Audit View||This report shows the transaction source and type and identifies manually input and automated transactions. Click Options to prepare this report for a specific ledger account. This Report can be found under Reports | Work Paper Reports|
|Trial Balance||Report which balances of all ledger accounts are compiled into debit and credit columns.|
|Detailed Trial Balance||
A Detailed Trial Balance includes detailed information for the following:
|Contribution Breakdown Report||Provides summary of contributions made for the year, details from SuperStream and Contribution Caps|
|Pension Summary Report||Provides a compact view of all active pension accounts for the fund. The report will detail Pension members, Pension start dates, Pension type, Minimum and Maximum amounts, Tax free %, Payments for year, The report can also be used to reconcile pension payments appearing in the operating statement.|
|What report can I generate to ensure all Market Values have been entered as at 30 June||
The Investment Summary Report can be used to check Market Values are up to date.
Before producing the report, select Options >> Settings and Yes to the option "Display Market price Footnote"
Selecting this option will display a footnote if the market price does not exist as at report date and the last known price is being used.
|Fund Summary Report||
This Report displays a summary of the Fund's Details and Contacts can be found under Reports | Work Paper Reports
Capital Gains Reconciliation
|Capital Gains Reconciliation Report||
The Capital Gains Reconciliation Report has been added to the Investment reports section of Simple Fund 360. This report will detail:
|Realised Capital Gains Report||
This report will detail the following for a fund's current investments:
|Distribution Reconciliation Report||
The Distribution Reconciliation Report will verify tax components that have been entered against your distribution income.
|Detailed CGT Relief Schedule||The Detailed CGT Relief Schedule provides a report on the actions undertaken by the fund in regards to the Cost Base reset.|
|Investment Income Comparison Report||
This report compares the income events processed in a fund to the expected income amount based on unit holding and announcement data. The report is particularly helpful when you have a broker feed active as the expected income is calculated using the unit holding on the ex-date. Variances are highlighted to you on the report making it easy to identify possible misstatements. This report can be found under Reports - Investment Reports.
|Dividend Reconciliation Report and Comparison Report||
The Dividend Reconciliation Report allows you to verify tax components of all dividends received for the financial year and to assist in reconciling the amount of dividends in the operating statement. For each dividend, the report lists:
|Distribution Reconciliation Report||
The Distribution Reconciliation Report has been added to the Reports screen to assist you with the following:
|Interest Reconciliation Report||
The interest reconciliation report has been added to help you reconcile the following:
|Exempt Pension Income Reconciliation Report||The Exempt Pension Income Reconciliation Report has been added to assist you in reconciling ECPI amounts for all labels of Section B of the Annual Return. This report will provide ECPI findings for both unsegregated (Proportionate) and segregated funds.|
|Non-Deductible Expense Reconciliation Report||The Non-Deductible Expense Reconciliation Report has been added to assist you in reconciling ECPI amounts for all labels of Section C of the Annual Return. This report will provide non-deductible expense findings for both unsegregated (Proportionate) and segregated funds.|
|Tax Reconciliation Report||The Tax Reconciliation Report has been added to assist you in reconciling tax amounts within a fund with The SMSF Annual Return. The report will detail the amounts that make up tax label figures and the dates these amounts occurred.|
Balance Review screen and Share Registries
The Balance Review screen displays a comparison for investment balances between the balance calculated by Simple Fund 360 and the balance reported by a third party such as a Share Registry or wrap investment portfolio.
Simple Fund 360 now integrates with Share Registries (Computershare and Link Market Services) to automatically receive Holding data based on the Fund's HIN or SRN. The Balance Review screen can be used to confirm unit balances with each of the supported Registries on a quarterly basis. This service will support unlimited HINs or SRNs per fund.
The Balances displayed under Third Party are received directly from the Share Registry and/or Wraps and Platforms. These Balances cannot be edited by any user.
2016/17 Superannuation Reforms
The following resources will help explain how SF360 processes events for the Super Reforms and which reports are useful
Super Reform Reports
|Fact Finder 2017 - Super Reform report||
The Fact Finder 2017 report has been added to assist you in reviewing fund data in preparation for the Super Reforms beginning on 1 July 2017. This includes using actual member and ledger data and will provide information into the reform changes to help you better prepare for 1 July.
|CGT Relief Schedule (Summary)||
The CGT Relief Schedule provides a report on the actions undertaken by the fund in regards to the Cost Base reset.
The report is only able to be produced if a fund has reset a cost base of an investment
|Detailed CGT Relief Schedule||
The Detailed CGT Relief Schedule provides a report on the actions undertaken by the fund in regards to the Cost Base reset.
The report is only able to be produced if a fund has reset a cost base of an investment.
|$1.6 Million Pension Balance Letter and Resolution||Member Request Letter and Trustee Minute/Resolution for members who have pension balances greater than $1.6 million at 30 June 2017.|
Super Reform Procedures
|Year End Procedures for the 2016 - 2017 Financial Year (Super Reform Changes)||
Simple Fund 360 users can use the following instructions as a guide to complete the 2016/2017 year-end processing for funds affected by the Super Reforms.
|How to record Transitional CGT Relief (Cost base reset)||Explains how users process CGT Relief Transactions|
|Commuting pensions before 1 July 2017 to avoid exceeding the $1.6 million transfer balance cap||Explains about commutations for the Transfer Balance cap.|
Simple Fund 360 provides a transaction drill down facility for all ledger accounts which can be accessed through Reports | Live Reports. The Accounting Performance, General Ledger and Trial Balance Reports are available.
- Clicking in a row on the Accounting Performance report will display all transactions which form the balance for that Investment.
- Clicking in a row on the Trial Balance will display all transactions which form the balance for that Account.
- Clicking on a transaction on the General Ledger will open the transaction on the Transaction Screen.
The Reports | Documents screen allows the trustee, administrator and auditor to store and share the fund's documents. The screen has the following functions:
- Upload unlimited documents to Simple Fund 360 for each fund
- Store Simple Fund 360 Reports for easy access
- View documents and reports
- Apply tags to documents for grouping and searching purpose
Users can upload Permanent Documents such as Trust Deeds or annual documents such as dividend, distribution and tax statements.
The accountant/administrator can add completed Financials, working papers and other documents to support fund transactions saving them from emailing them to the auditor and creating a paperless audit. The Auditor can then log in, view/download documents and upload their completed Audit Report.
Using Tags to Help the Auditor
BGL recommends the accountant/administrator creates document tags to group documents. Tags are similar to folders on a desktop computer except multiple tags can be applied to multiple documents whereas a document can only be placed in a single folder.
To add a new tag, select Add Custom Tag (on the left of screen).
The New Tag screen will appear. Input the Tag Name and click Submit.
To apply the tag to the document(s): Select the checkbox to the left of the document(s) and select Tag As (on the top of the screen). Select the appropriate tag(s) and then select Apply Tags.
We recommend creating a Permanent tag and an Audit (Year) tag for each financial year.
Third Party Audit Workpaper integration
Simple Fund 360 also integrates with the following providers:
Audit integration with Simple Fund 360 has been implemented through the BGL API.
While the process is different in each package, the data extracted through the API consists of:
- Import of the Simple Fund 360 fund list. Fund, member and trustee data is loaded.
- Import of the Trial Balance and relevant reports. The audit applications dynamically create and populate folders, lead schedules and lead schedule summaries.