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 CTA
Dana is a Partner with KPMG. Current at 02 October 2008
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
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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