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After-tax investing for superannuation funds: What should managers manage?

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Published on 01 Sep 15 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

The transition from a pre-tax investment focus to a genuine after-tax investment focus is an important trend shaping the way large funds manage their investment portfolios. This creates opportunities for tax professionals to use their knowledge and skills to help superannuation funds deliver on their core mission, generating healthy investment returns for members. This article identifies some misunderstandings around the types of investment taxes funds are seeking to address as part of their investment strategy, and provides a model for understanding how these taxes can be effectively managed.

The article focuses in particular on the impact of capital gains tax on a large fund’s listed equities portfolio, which represents an average 46% of the fund’s invested capital. The article concludes by describing an emerging investment approach known as “centralised portfolio management”, which demonstrates how these insights can be implemented in an intelligent, methodical and practical way.

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Raewyn Williams
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