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A major bank has teamed up with a fintech company to introduce a new tax reporting platform that will give advisers greater visibility over investment data.
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Major bank announces partnership to enhance tax reporting capability
11 June 2019
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NAB Asset Servicing (NAS) has partnered with global financial technology provider GBST’s TaxIntell platform to implement a market-first digital tax reporting platform.
It brings together a true “taxation book of records” for calculating and producing investment tax results and allows funds, custodians and tax advisers to collaborate via a secure and auditable online portal and view source data for full transparency.
The digital interface, built on GBST’s Catalyst framework, supports data collection, validation and greater ease of submission to the ATO.
NAB Asset Servicing executive general manager John Comito said the partnership comes as clients’ needs are changing.
“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,” Mr Comito said.
“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.”
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GBST chief executive and managing director Robert DeDominicis also welcomed the partnership, noting that it would address one of the biggest administration challenges facing Australian superannuation and investment trusts and their tax advisers.
“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,” Mr DeDominicis said.
“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.”
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