ACSA Thought Leadership Series – ACSA/FSC Fund Tax Data Standard
Regulatory update – ATO Certificate of Residency
ACSA regulatory submission – Senate Economic Committee Digital Asset Review
ISSA global symposium insights
In Focus – Allyson Bradnam (NAB)
Introduction
In this month’s edition of the Industry Wrap we update you on the next ACSA member’s event, the recent successful launch of the ACSA/FSC Fund Tax Data Standard during our latest ACSA Thought Leadership Series webinar, and our most recent regulatory submission to the Senate Economic committee.
We also provide an update on a current industry challenge with receiving Certificate of Residency from the ATO and share global insights from the ISSA global securities services symposium.
And this month we are In Focus with Allyson Bradnam, from NAB Asset Servicing and alternate ACSA director for NAB Asset Services.
ACSA Members Event
After the success of our last members event held concurrently in Sydney and Melbourne to recognise our 2022 ACSA Award winners, we have made the decision for the next Members Event to also run concurrently in the two cities.
The next Members Event will be held in October 2023.
Keep track of the announcements of the members events on LinkedIn or on the events page of the ACSA website.
ACSA Thought Leadership Series – ACSA/FSC Fund Tax Data Standard
ACSA’s Thought Leadership Series continued with the launch of the ACSA/FSC Tax data Standard.
ACSA is focused on promoting efficiency and best practices for members, clients, and the market. In collaboration with the FSC, ACSA has developed a common market data standard for automating the exchange of Australian managed fund tax data.
Use of the data standard will benefit both publishers and recipients of tax data (and ultimately end investors) by improving operational efficiency and reducing risks.
The Fund tax data Standard is an operating environment where fund tax data elements are digitally exchanged and can be interpreted without ambiguity, driving greater integrity, timeliness, and consistency of tax data for distributions, withholding taxes, annual tax statements and regulatory reporting obligations.
The ACSA/FSC Fund Tax Data Standard is not a technology solution, it is a data categorisation template that enables the standardisation of fund tax data elements in a more efficient operating model.
The ACSA Thought Leadership Series webinar included a panel of industry experts discussing how the ACSA/FSC Fund Tax Data Standard can benefit organisations across the investment and investment administration sectors. This included: Jodie Bosler (State Street), Paul Toepfer (Konu Consulting), Jane Coomer (Challenger), and Douglas McMeekin (NAB Asset Services)
Our panel of industry experts discussed:
The background and development of the Fund Tax Data Standard
The Current state and future state models
The Industry Perspective
Use cases, and
The Governance framework and how the standard will be maintained.
If you missed the webinar the recording and presentation is available here.
Keep track of the announcements of ACSA Thought Leadership Series webinars on LinkedIn or on the events page of the ACSA website.
Regulatory Update – Certificate of Residency
The ACSA Tax Working Group has formed a subgroup to look at challenges the industry is facing with the processing and receipt of Certificate of Residency (COR) from the ATO which enable the processing of foreign tax reclaims and withholding of tax at source. The subgroup is engaging with the ATO on processing timelines and changes to processes to create a more efficient long-term operating model for industry and the ATO.
What are Certificates of Residency?
Australia has negotiated tax treaties with over 40 countries, preventing double taxation, fiscal evasion, and fostering co-operation.
When an investor is certified as an Australian resident for income tax purposes and receives income from countries with which Australia has entered into a treaty (“Treaty Countries”), the Australian investor can request the overseas payer to:
reduce their withholding tax to the rates provided under the applicable treaty, or
exempt them from paying withholding tax.
An entity can be certified as Australian resident for income tax purposes by the ATO with the issuance of:
an overseas tax relief certification, and/ or
a Certificate of Residency (CoR)
If you would like more information on the ACSA Tax subgroup looking at CoR or to connect to the subgroup please contact ACSA here.
ACSA Regulatory Submissions – Digital Assets
The Australian Government Senate Economics Committee sought feedback on a private members bill Digital Assets (Market Regulations) Bill 2023.
The Bill set out a licensing regime and regulatory requirements for:
Digital asset markets and custody services.
Stablecoin issuance and reserve rules.
Reporting requirements for central bank digital currencies.
The International Securities Services Association (ISSA) recently held its annual global symposium.
The 2023 Symposium was entitled “Disruption in Securities Services – the Opportunities and Challenges”. Over the course of three days, numerous experts from the global financial industry discussed topics across diverse viewpoints. Speakers, both from within the industry as well as outside, complemented the discussion with their hypotheses and views.
Symposium pre-reading gives insight to the content of the presentations. These insights can be found here. In addition, the outputs from various working sessions also make for interesting reading and can be found here and here.
Worked in the Custody industry for 25+ years I will stop at that. Started at State Street Australia and held several positions during that time including a stint in Boston.
Joined Perpetual Funds Services and was part of the team that sold the business to RBC. Held several positions from Director of Technology & Project Delivery, Global Head of Product Management and Director Client Operations.
Returned to Australia in 2016 after 12 years with RBC in Canada, where I joined NAB Asset Servicing in the role of GM of Product Management. In 2020 I was given the opportunity to take on the role of Client Relationship Management and Client Services.
Coffee or Tea? Coffee Tik Tock, Instagram or Facebook? Instagram not on Facebook Pop, Rock or Rap? Pop Cocktail or Wine? Wine Summer or Winter? Summer
Can you briefly describe your role and responsibilities?
Executive for Client Relationship and Client Service. Keep the clients happy and colleagues engaged.
What is the most satisfying part of your role?
Receiving feedback from clients that Asset Servicing always goes out of their way to service them and always evaluates potential solutions, it is great to see the collaboration across the value chain. There is a lot of longevity in the team, and the knowledge of the industry and clients comes through in the interactions with colleagues and with clients.
How do you motivate yourself and your team?
How do I motivate myself? • Focussing on the end goal - achieving a deadline for a project delivery. Engaging the team and the focus on the end game. • I am a golf tragic and always trying to improve the short game and handicap. I apply the same principles at work. • Love cooking good outlet to get creative.
I don’t believe it is up to one person to motivate the team it is a collective effort. One thing I do every morning is send a “tweet” out to the entire team it could be something in the news, sport want I did over the weekend or something funny that happened in a meeting. There is usually good banter across Melbourne and Sydney, that level of engagement is important, it doesn’t matter if there is no response it is the engagement that is important.
Getting to know your colleagues is important having conversations about family how are they feeling.
What are some of the exciting places your career has taken you?
Worked in Boston and Canada. Working in Canada took me to Europe and Malaysia on several occasions. Toured most of Canada during the 12 summers I was there.
What advice would you give your 21-year-old self?
If there are opportunities take them, no regrets attitude as you cannot go back only forward.
What’s excites you about the future of our Industry? (Include role of ACSA)
Opportunity to change the industry, make it efficient and make a difference.
Print Page
Email to a Friend
