Jeff Hall

GBST, a leading global provider of wealth management, tax, and advice solutions technology, highlighted that as the financial year ended, financial institutions like super funds and life insurance companies faced heightened challenges and opportunities in managing unit pricing.  

“Technology serves as the cornerstone in navigating the complexities of year-end unit pricing”, says Jeff Hall, Head of APAC for GBST. “Excel is still a widely used tool due to the lack of end-to-end solutions catering specifically to tax in unit pricing. This reliance on Excel introduces risks such as limited automation, scalability issues, and data governance challenges.” 

There is a solution currently available that addresses these challenges by automating tax calculations and streamlining data management. GBST’s Tax Intell solution integrates with existing systems and provides accurate, auditable tax calculations,” Hall explains.    

As organisations undergo consolidation, individual entities inherit unique unit pricing processes, compounding the workload, and introducing additional complexities. Tax considerations play a pivotal role in calculating net asset values and unit prices, including current tax liabilities and deferred tax assets or liabilities.  

“The trending transition towards daily unit pricing demands rapid and precise calculations, often leading to simplified tax assessments,” explains GBST’s tax expert, Edward Au. “Year-end brings additional scrutiny, requiring institutions to conduct thorough checks on unit pricing calculations, ensuring alignment with tax assets and liabilities.”  

While technology has transformed many facets of financial management, the unit pricing domain remains underserved. Unit pricing expertise requires a niche skill set blending tax knowledge, technical proficiency, and data management capabilities.  

“People are a critical factor alongside technology in tax and unit pricing, with professionals navigating complex roles and responsibilities amidst organisational consolidations.” Au adds that from his experience, regular team check-ins and clear communication channels can help to mitigate workload pressures during year-end. 

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