Tax component data

This unique service assists with mitigating processing risk and is used for the independent validation of customers year end income processing across a wide range of managed funds. This cost-effective service is a valuable validation tool given that the timely reporting of managed fund distribution and tax components at year end is a critical service function for all professional administrators.

Key features

  • Comparison data, at individual managed fund level, of standard tax component proportions. That is, the proportion of the total distribution represented by a specific income, capital gain or tax credit component.
  • Components utilise the FSC/ATO standard for managed fund distributions and are updated and validated annually to reflect any changes to the categories.
  • Data can be delivered on a daily basis or at frequency of choice throughout the year end period.

Key benefits

  • Satisfy the risk and compliance needs for validation of the end result of customers’ tax component processing functions against an independent data source.
  • Acquire a quality control mechanism that can be used in addition to existing control features to reduce the risk of potentially costly classification or data entry errors.
  • Improved quality control – the regular delivery of the tax data files means that quality control can be conducted progressively and in a timely manner throughout the year end cycle. This facilitates a staged completion of reporting in line with the specific underlying holdings of individual investors, with corresponding workflow and staged delivery benefits.

Data samples are available upon request