Investment administration service provider Ausmaq has developed a module designed to assist Macquarie Wrap achieve greater accuracy in its end-of-financial-year tax reports.
Taxstreme calculates a set of taxation data for Macquarie Wrap, which the platform consults after compiling its own tax reporting figures. The Taxstreme data is used to highlight any possible errors in Macquarie Wrap’s figures that might have otherwise gone unchecked. “A lot of these guys have had issues in this area. Now they can cross-check their data against ours,” Chris Donohoe, Ausmaq general manager business development, said. Macquarie Wrap, which approached Ausmaq with the original idea driving Taxstreme, adopted the module in early June and is Ausmaq’s sole Taxstreme client. Meanwhile, Donohoe also disclosed the software provider had signed up BNP Paribas Securities Services (BNP PSS) to its Pricestreme module in recent months. BNP PSS joins other major custodians with an Australian presence, State Street Investor Services, JP Morgan and National Custodial Services, which also use the system.
The Your Future, Your Super performance test is inhibiting the use of alternative investments and will continue to do so as long as it poses an elevated risk to superannuation funds, but a panel of experts believe the industry is too smart and too creative not to readjust and find a way for the asset class to be included in portfolios.
Tahn SharpeSeptember 21, 2021
