Bravura's updated software addresses TOFA changes
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."
Recommended for you
Insignia Financial has issued a statement to the ASX regarding a potential bid from a third global private equity business to acquire the firm.
More than 30 advisers fell off the FAR during the Christmas and New Year period, according to Wealth Data, with half of these coming from licensee giant Entireti.
With next-generation heirs unlikely to retain their family’s financial advisers after receiving an inheritance, Capgemini has explored how firms can work with younger generations to maintain a relationship.
The use of technology and data analytics will be a way for advice firms to grow in 2025, according to Adviser Ratings, with those who are using it successfully reporting 10 per cent higher profit margins.
