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."