Just Released - TFN and ABN validation

At Caruso, we understand that accurate tax information is crucial for fund managers' operational efficiency and compliance requirements. We're pleased to announce the release of our new TFN and ABN validation feature, designed to help streamline investor onboarding and reduce downstream errors from poor data capture.

Validating Investor Information

Fund managers now benefit from real-time validation of Tax File Numbers (TFNs) and Australian Business Numbers (ABNs) directly within the Caruso platform. This validation occurs seamlessly in the background as administrative users work with investor records, providing immediate feedback for typos or incorrectly quoted investor details.

Streamlined Operations with Flexible Implementation

The new validation feature combines operational efficiency with the flexibility fund managers need:

• Real-time validation occurs as information is entered or edited, immediately identifying potential data entry errors
• Administrative users retain the ability to save records even with invalid numbers, ensuring business processes aren't disrupted
• Administrative users can reference standardised government exemption codes for specific cases where a TFN may not be provided, such as if the investors are under sixteen, non-residents, or haven't provided a TFN
• Clear visual indicators show the validity status of tax numbers, improving data quality from the point of capture
• Teams can reduce time spent correcting TFNs or ABNs ahead of tax reporting
• Back-and-forth communication with investors regarding incorrect tax information is minimised
• Fund managers submitting Quarterly Tax File Number (QTFN) reports to the Australian Tax Office can be assured the quality of data is maintained

Focus on Administrative Efficiency

This enhancement focuses on the administrative side of operations, allowing fund managers to identify potential issues early while maintaining a smooth investor experience. The validation occurs entirely within the admin interface, ensuring that investor-facing processes remain unchanged.

If you'd like to explore this feature, email [email protected] to arrange a product demonstration.