NAB Asset Servicing launches CGT relief product
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.
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