NAB Asset Servicing has been appointed to provide tax parcel optimisation services for two Australian super funds.
The custodian arm of NAB, NAB Asset Servicing, will provide tax parcel optimisation (TPO), a service that can improve tax efficiency, to two Australian super funds, a NAB-issued statement said.
NAB executive general manager, asset servicing, Matt Brown said: “We understand supporting tax-efficient outcomes is critical for our clients and the addition of TPO will help with the overall effectiveness of superannuation funds, managed trusts and insurance companies.”
TPO is a service that allows ‘tax parcel selection’ to be applied at a consolidated entry level. This can potentially deliver an enhanced capital gain outcome and improve after tax returns, the statement said.
“We are seeing continual regulatory change which impacts the tax reporting obligation of our clients and with the pending changes to the MIT Rules and 45-Day Rule reporting, its critical we support our clients through these changes,” Mr Brown said.