NAB Asset Servicing (NAS), has partnered with global financial technology provider GBST (ASX: GBT) to implement a market-first digital tax reporting platform.
This partnership will support NAS, one of the largest custodians in the Trans-Tasman market, who provides custody, back office and middle office services for Australian superannuation funds and investment trusts, with the preparation and analysis of tax data for Australia Taxation Office (ATO) reporting.
GBST’s TaxIntell platform addresses one of the biggest administration challenges facing Australian superannuation and investment trusts and their tax advisers.
It brings together a true ’Taxation Book of Records’ for calculating and producing investment tax results and is the only solution of its kind which allows funds, custodians and investors to collaborate via a secure and auditable online portal and drill down to source data for full transparency.
The digital interface, built on GBST’s Catalyst framework, supports data collection, validation and straight-through submission to the ATO.
GBST offers a suite of specialised tax solutions to support funds in this growing and highly valuable area and was mentioned in the recent Productivity Commission super report for their provision of tax solutions for leading funds such as Australian Super, Mercer and UniSuper to help optimise their tax management.
Executive General Manager, NAB Asset Servicing, John Comito, said “The selection of the TaxIntell software was another example of Asset Servicing putting the customer experience first, incorporating industry leading technology to address the changing needs of their clients.”
“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. Our clients will have access to an intuitive digital portal, with dashboard views of their data. 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,” Mr Comito said.
Robert DeDominicis, GBST Chief Executive Officer and Managing Director, also commented:
“NAS play an important role in the wealth sector and we’re delighted they’ve chosen our platform to support their tax analysis and reporting requirements. Our tax and technology specialists will be working closely with them on this unique project and we look forward to helping them establish an industry-leading tax reporting approach.”
“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. We’re investing in our tax solutions and working with many leading funds, custodians and trusts to help them innovate in this area,” said Mr DeDominicis.