shopping_cart

Your shopping cart is empty

Capturing tax within unit prices or credit rates presentation

Member Price: Free
Non Member Price: $15.00

DisclaimerThis material is copyright. Apart from any fair dealing for the purposes of private study, research, criticism or review, as permitted under the Copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

Published on 29 Aug 13 by NATIONAL DIVISION, THE TAX INSTITUTE

How to capture tax within unit prices or crediting rates can be a minefield for funds. This presentation explores the two main systems used by funds:

  • the “actual information” system
  • the “effective tax rates” system where each of the following issues will be discussed:
    • setting accrual rates (and possibly separate accrual for franking credits)
    • periodic review of these rates
    • periodic comparison of tax accruals arising from these rates versus the fund’sactual tax experience and processing of true up adjustments
    • systems for allocating actual tax paid in BASs and the tax returnto different investment options
    • implementing deferred tax asset caps (if necessary) within these overall systems
    • dealing with pension options
  • APRA’s expectations in this area and other industry guidance (ie ASFA/FSCpapers) are also considered.

Author profiles

Dana Fleming CTA
Dana is the Assistant Commissioner, SMSF Segment of the Australian Taxation Office. Dana has over 25 years tax experience, specialising in superannuation and managed investments both in Australia and overseas at both KPMG and PwC. For the last four years Dana has led KPMG's Asset & Wealth Management Practice in Australia. Her client portfolio included major industry funds and both major retail and managed funds. She advised and worked with them on the tax implications of their strategic planning as well as day to day activities, assisting with tax compliance, dealing with the impact of changing legislation on their systems and products, strategic product development, mergers and unit pricing. Most recently, Dana has joined the ATO as an Assistant Commissioner, leading the SMSF segment where she hopes to make a positive contribution to the public sector and importantly to the community. - Current at 31 May 2019
Narelle Toohey
Narelle is the Tax and Unitisation Manager at VicSuper and previously the Tax Manager at VicSuper since 2010. Narelle is responsible for tax compliance, advisory and risk management and dealing with other matters related to the ATO. More recently Narelle has also been responsible for the implementation of financial aspects of unit pricing and the continuing daily unit pricing. Prior to joining VicSuper, Narelle spent 10 years at Ernst & Young specialising in tax in the superannuation and financial services industries. Narelle is a member of the ASFA Tax Standing Advisory Panel. - Current at 29 August 2013

 

This was presented at National Superannuation Conference .

Get a 20% discount when you buy all the items from this event.

Individual sessions

Keynote address: Benchmarking Australia's superannuation system against the best in the world

Author(s):  David KNOX

Materials from this session:

Chasing tax within unit prices or credit rates

Author(s):  Dana FLEMING,  Narelle TOOHEY

Materials from this session:

Recent developments affecting contribution strategies and practices

Author(s):  David SHIRLOW

Materials from this session:

Large fund issues and the ATO

Author(s):  Stuart FORSYTH

Materials from this session:

SMSF regulatory update

Author(s):  Greg TANZER

Materials from this session:

Living to age 120, the pensions dilemma and other defined benefit conundrums

Author(s):  Barry RAFE

Materials from this session:

Insurance applications

Author(s):  Craig DAY

Materials from this session:

Tax issues in successor fund transfers

Author(s):  Ross Stephens

Materials from this session:

Benefit payments

Author(s):  Philip BRODERICK

Materials from this session:

What you need to know about the super guarantee

Author(s): 

Materials from this session:

SMSF issues and the ATO

Author(s):  Stuart FORSYTH

Materials from this session:

Pensions: Exploring changes in the treatment of pensions presentation

Author(s):  Graeme COLLEY

Materials from this session:

Borrowing by SMSFs to acquire real property - is it worth all the trouble?

Author(s):  Chris Balalovski,  Simon Conolly

Materials from this session:

Managing tax affairs:The duties of the super trustee

Author(s):  John EDSTEIN

Materials from this session:

Small business CGT relief and related party transactions

Author(s):  Daniel BUTLER,  David Oon

Materials from this session:

Tax considerations relevant to investments by super funds

Author(s):  Philip WITHEROW

Materials from this session:

Indirect taxes

Author(s):  Zoe CHUNG,  Rachel O'Donnell

Materials from this session:

Further details about this event:

 

Copyright Statement