Based on Income Tax updates announced as part of Federal Budget changes for FY2021, and State Budget changes subsequently announced for Stamp Duty for FY2021, GBST has completed the upgrade of its Equate financial tools and calculators for its client base.
Income tax bracket changes were released on 6 October 2020 with the ATO publishing updates online on 15 October 2020, and GBST updating its tax calculators the same day. Stamp duty changes were released in Queensland, New South Wales and Victoria across November and December 2020, with GBST being the first to implement its updates for Equate. In Queensland, relevant fees were updated, in New South Wales, the formula for First Home Buyers to provide a temporary boost was updated, and in Victoria, a 25% reduction for properties up to the value of $1,000,000 was implemented.
Rob DeDominicis, CEO at GBST, said, “As part of our legislative program for clients, our subject matter experts ensure that we regularly update our calculators to meet the latest Federal and State legislative requirements. This typically involves changes to income tax, superannuation and stamp or transfer duty.
“I am delighted that the GBST Digital Team seamlessly rolled out legislative updates across more than 50 Equate clients, including Bank of Sydney, CUA and Judo Bank, who are currently using our Income Tax and Stamp Duty calculators.”
Bill Kalpouzanis, Chief Operations Officer from Bank of Sydney, said, “We’ve been using GBST’s Equate tools and calculators to empower our customers to make informed financial decisions through an enhanced digital experience.
“Under our Equate licence fee, GBST ensures that all legislative changes are quickly and accurately implemented for us, so that we can be confident our customers are making decisions with the most timely and accurate data.”
The GBST Digital Team works with financial services clients worldwide to improve brand reputation, build brand advocacy and enhance online customer journeys and interactions. GBST’s customer experience experts create bespoke digital solutions for financial institutions from calculators to portals, apps, integrations and more.
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Source: https://australianfintech.com.au/gbst-updates-equate-financial-tools-calculators-2021-budget-stamp-duty-income-tax-legislative/
