Garradin Product Update – July 2016
Welcome to the second issue of Garradin Product Update. Over the past six months, Bravura Solutions (Bravura) has made further improvements to our Garradin 12.1 software to ensure it continues to deliver the leading edge functionality our clients need. Our ongoing research and development (R&D) programme continuously develops practical and responsive product enhancements that make it even easier for you to run your business. This newsletter outlines the new features available in the latest service pack to ensure you get the most from using Garradin.
In recent months we have introduced a number of R&D product enhancements for the benefit of our Garradin 12.1 clients.
Enhanced fund distribution functionality
The Garradin R&D team has recently made important changes to the software’s fund distribution functionality. The changes provide the fund administrator with a Business Process Management (BPM) workflow process that features user configurable fund distribution worksheets and expense and negative income offset rules. All user activities are audited and final distributions are approval driven.
In response to the new attribution managed investment trust (AMIT) legislation, the solution has been further enhanced to provide for the calculation of unders/overs, as well as taxation of financial arrangements (TOFA) related reporting.
Tosca automated testing
We have recently enhanced our quality assurance framework for Garradin – which consists of experience, standards and checks – with a new automated testing tool – Tosca. A best practice tool, Tosca stands to strengthen our testing capabilities for regression, new product enhancements and future releases.
Garradin’s testing practice consists of three key stages:
- Unit testing – undertaken by our developers and formalised using ProUnit. These tests ensure changes made by the developers work as expected based on the specifications.
- System testing – undertaken by our testers to ensure the quality of our products, these tests are of the enhancements and fixes produced by our developers and check that the changes work as required based on the business requirements. Test automation using Tosca allows us to develop tests that are reusable in an agile environment and for regression.
- Regression testing – undertaken as part of our release process we use a set of tests to ensure that functionality not directly changed as part of the release still performs correctly. We also use a reduced test set to smoke test minor releases.
Tosca delivers Bravura the advantage of rapid test creation, excellent technology support and a model-based test automation approach that allows easy maintenance of automated tests. Automated testing allows us to easily run tests repeatedly and with volumes of data to ensure good test coverage.
At Bravura, we are aware that some Garradin users are required to report on the balances of their clients’ platform assets (e.g. superannuation funds) that are not managed within the Garradin solution. Collecting this information from each product provider, super account and client and then manually entering it into Garradin is clearly inefficient and time consuming.
Therefore, in order to reduce processing time and improve accuracy, Bravura has improved the way in which Garradin configures and imports cash, broker and platform datafeeds. The cash and broker feeds now allow cash transactions to automatically be reconciled and settled, while the platform feed allows platform asset and cash positions to be reflected within reporting.
The new platform datafeed feature allows for platform portfolio balances (both cash and non-cash assets) via the use of datafeed files from various platforms. Users can now can now keep their clients’ “off-system” platform balances up-to-date more easily by importing platform datafeed files. Garradin identifies each portfolio and compares the balances in the datafeed file to the balances for each portfolio recorded in Garradin and makes the necessary adjustments in bulk.
Stronger password security
Bravura recently updated a key security measure for Garradin 12.1. To ensure our clients can create strong passwords for the application, we have extended the password composition to include all four character types – uppercase letter, lowercase letter, number and special character. Security tip: Make sure your password is free of repetition, usernames, pronouns, IDs, and any other predefined number or letter sequences.
Attribution managed investment trusts (AMIT) legislation
Garradin’s tax administration capabilities support the positive changes under the new AMIT legislation.
Enacted by the Federal Government in May 2016, the legislation establishes a new taxation system for AMITs. The most significant aspect of the legislation is that AMITs that meet the qualifying criteria and ‘opt in’ to the new system will not be subject to the existing entitlement rules set out in Division 6 of the Income Tax Assessment Act 1936. They will instead be subject to the specific AMIT rules set out in the AMIT legislation.
The positive changes of the proposed new tax system for AMITs include:
- a new attribution model for determining unit holder tax liabilities, which allows amounts to retain their tax character as they flow through an AMIT to the final unit holder
- the ability to carry forward understatements and overstatements of taxable income, instead of re-issuing investor statements
- deemed fixed trust treatment under the income tax law
- upwards cost base adjustments to address double taxation
- legislative certainty about the treatment of tax deferred distributions
- ability to create multi-currency classes within a fund.
A market leading multi-currency, rules-based tax platform, Garradin’s tax administration functionality ensures our clients can take full advantage of these important new regulatory changes.
To learn more about Garradin 12.1 or any of the items featured in this newsletter, please contact Bravura Solutions’ Head of Portfolio Solutions – Garradin – Darren Speirs at firstname.lastname@example.org