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  • Streamlined assurance reviews for large APRA-regulated super funds

    We started our streamlined assurance reviews of large APRA-regulated super funds in February 2019. We'll continue to engage with this sector over the coming 18 months as part of our Top 1000 Tax Performance Program.

    This program aims to obtain additional evidence to achieve greater assurance that the largest 1,000 public and multinational companies are reporting the right amount of income tax. This supports and expands our existing compliance approaches, enhancing our level of confidence in these taxpayers.

    We've tailored our streamlined reviews to take into account the unique business profiles of super funds and their reliance on automated systems and third party service providers, such as custodians.

    We'll use the information reported to us along with other sources of publically available data, such as information reported to APRA, to assure aspects of a super fund's tax return and tailor our engagement accordingly.

    Where we rely on available information to gain assurance over an aspect of a super fund's tax affairs, we'll limit requests for further information to verify assumptions we've relied on in the review process.

    We'll focus on understanding a fund's:

    • business structure
    • investment profile
    • tax risk management and governance framework, including
      • controls over data provided by custodians and other third party administrators.

    Super funds that fall within the Top 1000 Tax Performance Program will be notified before we begin their review. We encourage all large APRA-regulated super funds to ensure we have the correct contact details for income tax purposes so that we can provide timely notice of these reviews.

    See also:

    Last modified: 22 Feb 2019QC 58006