DST Global Enhances HiPortfolio to Support Australian Taxation Act Updates
DST Global Solutions’ HiPortfolio, Australia’s investment management administration platform, has been enhanced to support the country’s Taxation of Financial Arrangements (TOFA). Coming into full effect from 1 July 2010, the TOFA Act will align taxation more closely with the commercial recognition of gains and losses.
HiPortfolio is designed to support TOFA in a number of areas, including its tax, reporting and transaction engines. The solution will also provide added flexibility and operational efficiencies when administering TOFA-eligible entities including instruments, portfolios, positions and tax lots.
According to Ian Mathieson, chief executive officer (CEO) of DST Global Solutions Australia and New Zealand, the TOFA-ready project team has worked closely with clients and industry practitioners over the past two years producing significant results. “With the enhancements to HiPortfolio, the system is now designed to help our clients be TOFA compliant, and provides users with the relevant information for internal and external calculations and reporting. This is important as TOFA is mandatory, and we have worked to help our clients ensure they are ready to comply with this major update to Australian taxation legislation,” he said.
Developed in Australia at DST Global Solutions’ Investment Management Solutions (IMS) R&D Centre, the HiPortfolio TOFA module is available for implementation in 1Q10. Experienced IMS Professional Services teams will support industry-wide implementations at client firms.