Qantas Super announces partnership with GBST
Qantas Super has selected technology provider GBST to help it navigate the recent tax changes.
Under the new superannuation legislation, complying super funds would be granted relief from the tax consequences for capital gains accumulated before 1 July last year.
The Australian Tax Office (ATO) has allowed superannuation funds to apply for relief to defer the tax payable, and while many funds are yet to opt to seek relief, Qantas Super has done so.
GBST TaxIntell has enabled Qantas Super to take a snap shot of the 30 June 2017 position prior to the change, and to maintain a set of tax records that have tagged the tax parcels that were nominated as eligible for capital gains tax (CGT) relief.
GBST head of Asia Pacific, Denis Orrock, said Qantas Super members would benefit from their provider having nominated from CGT relief.
“With the evolution of our tax capability within the GBST suite of products and the introduction of TaxIntell Funds and their Custodians are not forced to make wholesale inhouse changes of their capability when confronted by challenging and significant tax legislative change, GBST has created capability within the GBST product suite that will do much of the heavy lifting for them,” said Orrock.
Qantas Super chief operations officer, Peter Savage, said it was important to members that they sought the best solutions for them.
“This includes managing their benefits as tax-effectively as possible so they extract maximum value from the super savings that they’re working so hard to accumulate,” said Savage. “Our collaboration with GBST has seen us navigate complex tax changes and identify an innovative solution that will improve investment outcomes for our members, and help us continue to build our members’ confidence in their financial future.”
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