BGL launches property data facility
Self managed super fund (SMSF) administration software provider, BGL Corporate Solutions, has announced a partnership with national data and analytics group, RP Data, to provide automated property data to SMSFs.
According to Ron Lesh, managing director of BGL, trustees will be now able to access property valuations, complete land title searches, request depreciation schedules and access a number of additional services through BGL's Simple Fund Desktop and Simple Fund 360 administration solutions.
"Clients will be able to request residential and commercial property valuations in a number of different forms through their BGL Simple Fund software," he said.
"The valuation details will then flow back into Simple Fund and a PDF of the valuation will automatically be attached to the appropriate fund.
"This is a sensational, new and unique service for our clients."
Lesh also pointed out that the latest statistics provided by the Australian Taxation Office showed that around 17 per cent of SMSF assets were held in property.
"This new service will help our clients to provide up-to-date asset valuations and will also make it easy for property valuations to be obtained for year-end audit," he said.
Equally excited about the partnership, RP Data chief executive officer Graham Mirabito said that access to RP Data's range of valuation and analytics services would undoubtedly benefit the broad market of professionals that BGL serves.
"At $5.5 trillion, the Australian residential and commercial property markets are the largest asset class underpinning Australia's wealth," he said.
"BGL has recognised the strength of RP Data's depth in property data and the enterprise grade nature of our RP Gateway product."
Lesh said that BGL and RP Data would be proceeding with a phased approach to the introduction of these services.
"Phase 1 is to provide property valuations and Phase 2 will add title searches, depreciation schedules and other services," he said.
"We expect these new services will save our clients a huge amount of time and effort."
AUTHOR
Staff Writer
Recommended for you
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
Underestimating the cost of insurance by almost $75,000 in a Statement of Advice is among multiple reasons that a relevant provider has faced action from the FSCP.
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
