Published on 29 Aug 13
by NATIONAL DIVISION, THE TAX INSTITUTE
How to capture tax within unit prices or crediting rates can be a minefield for funds. This presentation explores the two main systems used by funds:
- the “actual information” system
- the “effective tax rates” system where each of the following issues will be discussed:
- setting accrual rates (and possibly separate accrual for franking credits)
- periodic review of these rates
- periodic comparison of tax accruals arising from these rates versus the fund’sactual tax experience and processing of true up adjustments
- systems for allocating actual tax paid in BASs and the tax returnto different investment options
- implementing deferred tax asset caps (if necessary) within these overall systems
- dealing with pension options
- APRA’s expectations in this area and other industry guidance (ie ASFA/FSCpapers) are also considered.
Dana Fleming is the national leader for KPMG's market leading Asset & Wealth Management tax practice. She is widely recognised as the leading superannuation and funds tax adviser in Australia.
Dana has more than 20 years of experience, specialising in the taxation of superannuation funds and managed investments. Her client portfolio includes major industry superannuation funds and both major retail and boutique managed funds and their service providers. She works closely with them on the tax implications of their strategic planning and tax governance as well as day to day activities; assisting with tax compliance, dealing with the impact of changing legislation on their systems and products, product structuring and unit pricing. Dana is experienced in the tax issues of superannuation fund mergers having provided tax advice on many of the significant mergers that have occurred. She has also negotiated positive outcomes for her clients over the course many ATO reviews.
- Current at
15 February 2018
Narelle is the Tax and Unitisation Manager at VicSuper
and previously the Tax Manager at VicSuper since 2010. Narelle is
responsible for tax compliance, advisory and risk management and
dealing with other matters related to the ATO. More recently Narelle
has also been responsible for the implementation of financial aspects
of unit pricing and the continuing daily unit pricing. Prior to joining
VicSuper, Narelle spent 10 years at Ernst & Young specialising in tax
in the superannuation and financial services industries. Narelle is a
member of the ASFA Tax Standing Advisory Panel.
- Current at
29 August 2013