National Australia Bank’s asset servicing business, NAB Asset Servicing has moved to deliver a Capital Gains Tax (CGT) relief product to its clients.
The business announced this week it had developed and launched a packaged solution to help its superannuation fund clients access Capital Gains Tax (CGT) relief by resetting the tax cost base of the affected assets to market value as of 30 June 2017.
In particular, the product was aimed at last year’s Budget changes limiting member balances backing tax exempt pension income streams to $1.6 million, and applying a 15 per cent tax rate to assets backing transition to retirement income streams.
It said the packaged solution was a new offering that complemented its wider tax reporting and regulatory products and services with its development prompted by recent superannuation tax changes.
Commenting on the launch, NAB Asset Services general manager, Product for Asset Service, Allyson Bradnam said the product was aimed at ensuring the best possible outcome for clients and their members in accordance with the legislative changes.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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