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On 14 August 2014, Peter O’Reilly, ATO Assistant Commissioner, Public Groups and International, and John Shepherd, ATO Assistant Commissioner Individuals and Funds Segment, gave addresses on the subject of "ATO audits and reviews of superfunds in 2014" to The Tax Institute National Superannuation Conference held in Melbourne, Victoria.

In his address, Mr O'Reilly covered some of the key focus areas in the ATO's current compliance activities, particularly in the context of APRA regulated superannuation funds. Mr O'Reilly said that under the ATO's risk-differentiation framework, the ATO has six key taxpayers in the higher consequence category with the remainder, approximately 400, in the lower consequence category.

Mr O'Reilly continued:

"Under this approach, while there are significant assets held and income derived by the APRA funds such that there can be large amounts of tax 'under discussion' arising from disputes or alternative positions adopted, our assessment is that, APRA funds are, by and large, generally compliant with their income tax obligations. This is a relative assessment across the population that the Public Groups and International Business Line of the ATO has responsibility for."

For a copy of Mr O'Reilly's address, go here

In his address, Mr Shepherd covered the following topics:

  • Reuniting super
  • Update on member-related taxes, including Division 293, Higher caps and fairer taxation of excess contributions tax (ECT) and refund of excess non-concessional contributions
  • SuperStream
  • ATO compliance approach for large funds, including large fund risk differentiation framework, fund engagement and a new compliance approach

For a copy of Mr Shepherd's address, go here

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