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  • Tax controls for third-party data

    We’ve finalised the Governance over third-party data supplementary guide, outlining our approach to tax controls for the collection and reporting of third-party data for large superannuation funds, managed investment trusts and insurance companies. This guide does not apply to self-managed superannuation funds and small APRA-regulated funds.

    This supplement to our Tax Risk Management Governance and Review Guide has been developed in consultation with industry stakeholders including key accounting firms, superannuation funds, financial services technology providers, industry associations and other government agencies.

    The aim is to enable entities, who rely on high volume transactional data from third party providers, to develop a strong governance framework that includes third-party data tax controls to ensure that the information being reported to investors, members and regulators is correct.

    The benefits of good governance over third-party data are not limited to tax assurance and compliance. They also include mitigating the risk of incorrect reporting and increasing assurance that members and investors receive the correct outcomes from their underlying investment interests.

    All regulators recognise the importance of good governance. They are increasing their focus on ensuring appropriate risk management for data reported in regulatory submissions and public disclosures.

    Investment industry entities should use this supplementary guide to develop and implement third party data tax controls tailored to their business. We expect entities to fully implement appropriate tax controls over the next 18-24 months.

    To do this, we encourage entities to document a self-assessment of their third-party data tax controls against the guide, identifying any gaps. With this assessment, entities can then develop an implementation plan.

    In our future engagement with investment entities, we will look at the steps undertaken to design and implement these controls.

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      Last modified: 20 Apr 2022QC 69184