NEWS UPDATE: CGT enhancements for WealthFocus
Perpetual has announced the launch of WealthFocus Investment Advantage, which provides clients with the ability to move between investment options without incurring capital gains tax (CGT).
The tax benefits provided by the platform are endorsed by the Australian Taxation Office’s latest product ruling (PR 2008/62).
Perpetual general manager of platforms Gai Ferrington said the group had been investing in its WealthFocus platform over the past 12 months to expand the investment menu to make it easier for advisers to use.
“WealthFocus Investment Advantage offers a range of 76 quality investment options within a single fund, which gives advisers the ability to create a portfolio unique for their client’s requirements,” she said.
“This allows investors to move their money across asset classes or investment managers while reducing CGT implications.”
According to Ferrington, the platform offers three main advantages for clients, including free CGT switching, partial withdrawals and a CGT discount once the initial investment has been held for 12 months.
“What makes this a first in the industry is that the tax advantages will be offered with the benefits of a platform — 76 investment funds, fee free switching, dollar cost averaging, auto balancing, regular withdrawals plans, fully rebatable and competitive adviser commissions and dial-up adviser service fees,” she said.
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