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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 and 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 existing compliance approaches, further 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 verifying 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 frameworks, 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 we can provide timely notice of reviews.

    Next step:

    • If you are an APRA-regulated superannuation fund, review your contact details with us for income tax purposes to receive notification of upcoming reviews.

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      Last modified: 22 Feb 2019QC 58000