Superannuation 2013

Capturing tax within unit prices or credit rates

Source: New South Wales

Published Date: 29 Aug 2013

 

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.

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