The FSC works closely with the Australian Taxation Office (ATO) on many issues of importance to members.
This liaison has included work on:
- The ATO’s draft and final guidance on the governance fund managers should conduct on tax data provided by third parties. Input from FSC members particularly lead to the ATO clarifying how this guidance applies to Investor Directed Portfolio Services (IDPS) products.
- Feedback from the ATO on how superannuation funds and managed funds have performed on recent Justified Trust reviews, and expectations of for upcoming reviews. The ATO has indicated they will consult with FSC members on proposed information requests for upcoming reviews
- Understanding tax issues for life insurers relating to the implementation of AASB17, particularly the expected large tax impact from changed accounting for Deferred Acquisition Costs (DAC).
- The tax issues with the new Corporate Collective Investment Vehicle (CCIV) – see separate update [insert hyperlink]
- Ongoing work with the ATO (jointly with the Australian Custodial Services Association) on the way managed funds should deal with foreign capital gains and foreign income tax offsets after the Burton
- Consultation with FSC members on the draft changes to the Annual Investment Income Report (AIIR) and guidance on tax statements provided to fund members.
Given the importance of these issues, the FSC has welcomed the agreement by the ATO that there will be a twice yearly meeting with interested FSC members on matters of relevance to members.
These meetings will be organised through the Tax Experts Group, with the agenda determined jointly by FSC members and the ATO.
The ATO has agreed that the ongoing meetings will be in addition to specific ATO meetings on issues such as foreign capital gains and the guidance on the use of third-party data.
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