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  • Superannuation

    [202036] Proposed tax controls over third party data guidance

    Registered

    November 2020

    Expected completion of consultation

    April 2021

    Consultation status

    Targeted consultation is being undertaken.

    Consultation purpose

    To seek feedback on the development of proposed tax controls over third party data guidance, including obtaining examples of best practice tax controls over third party data.

    Description

    In July 2015, the ATO published the Tax risk management and governance review guide (the ATO Guide).

     

    Tax governance over third party data is important for superannuation funds and managed investment trusts as the data is used to prepare the entity’s income tax return or distribution statements for beneficiaries.

     

    The tax controls over third party data guidance will supplement the ATO Guide.

    Who we are consulting

    • Australian Custodial Services Association
    • Financial Services Council
    • Association of Superannuation Funds of Australia
    • Tax advisers
    • Superannuation funds

     

    Consultation lead

    Tania Peters, Public Groups and International
    tania.peters@ato.gov.au
    Phone (03) 9275 2351

    [202009] Super contributions caps – impact of compensation payments from financial service providers

    Registered

    March 2020

    Expected completion of consultation

    June 2021

    Consultation status

    Consultation is on hold pending other ATO remediation programs and finalisation of ASIC guidance.

    Consultation purpose

    To seek feedback on the proposed content of the draft fact sheet.

    Description

    The fact sheet explains to individuals the contributions caps implications when a compensation payment from their financial service provider is made to their superannuation fund.

    Who we are consulting

    • Superannuation industry bodies
    • Superannuation regulators

     

    Consultation lead

    Rod Profke, Superannuation and Employer Obligations
    rod.profke@ato.gov.au
    Phone (07) 3213 5814

      Last modified: 14 Apr 2021QC 54486