Bravura's updated software addresses TOFA changes

taxation Software government and regulation australian taxation office income tax government

7 October 2011
| By Robert Rivers |

Bravura Solutions has released the latest version of its private wealth and portfolio administration software to accommodate the Government's regulatory changes to the Taxation of Financial Arrangements (TOFA).

Bravura stated that the updated solution, known as Garradin 12.0, will further extend Garradin's functionality in addressing the tax treatment of gains and losses on financial arrangements.

The upgrade both fulfils regulatory requirements and optimises tax capabilities and tax structures, according to Bravura global head of product Darren Stevens.

Under recent regulatory changes to TOFA, the Australian Taxation Office stated that any entity electing to hedge financial arrangements for income tax purposes must prepare audited financial reports in accordance with current accounting standards. 

Stevens said the updated system appropriately values the assets that are covered under TOFA, and effectively takes away the complex calculations that would have to be done manually to assess the gains and the losses that would be reportable in hedge financial arrangements.

"We've got a comprehensive road map that we're rolling out over the next three years which will continue to build on asset coverage and further enhancing our tax engine," Stevens said.

"We're focused on assisting fund managers to optimise their post-tax positions in their portfolios."

Homepage

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 6 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month 1 week ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 5 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

1 week ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

6 days 21 hours ago