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Major custodian advances tax and data transparency capabilities
NAB Asset Servicing (NAS) and GBST have entered a partnership to implement a digital tax reporting platform that they claim will be an industry-first.
The TaxIntell platform, developed by GBST, offered recording to calculate and produce investment tax results and also allowed funds, custodians and tax advisers to collaborate via a secure and auditable online platform. This would allow data to be sourced for full transparency.
According to the two companies, this would “address one of the biggest administration challenges facing Australian superannuation and investment trusts and their tax advisers”.
“With funds under pressure to improve service and returns, getting tax reporting right can unlock significant time and cost savings so they can focus on their customers,” GBST chief executive and managing director, Robert DeDominicis, said.
NAS executive general manager, John Comito, said that the partnership showed that the custodian was putting customer experience first and using technology to address its clients’ changing needs.
“The platform is the first of its kind in our industry and we look forward to sharing it with our clients who use our tax reporting services ... The new level of transparency in viewing transactional tax data will enable our clients to actively monitor and report on their investment portfolio, which is critical in the current challenging economic environment,” he said.
The platform’s digital interface, built on GBST’s Catalyst framework, also supported data collection, validation, and greater ease of submission to the Australian Taxation Office (ATO).
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