ATO Assistant Commissioner, Public Groups and International, Peter O’Reilly, delivered a speech at the Tax Institute National Superannuation Conference on 14 August 2014.
Mr O’Reilly provided an update on ATO audit and review activities in the super sector and said the ATO’s assessment was that, “APRA funds are, by and large, generally compliant with their income tax obligations”. However, given the significance of the assets held, income derived, and tax paid by APRA funds, Mr O’Reilly said tax issues arising could have high consequences in terms of revenue, which requires the ATO to maintain its focus on current and emerging tax issues in the sector. He said there was an increasing emphasis on “deter and detect activity, early engagement and strong productive and purposeful relationships with taxpayers”. Mr O’Reilly also discussed the ATO’s current key focus areas for super funds – they include, among other things, isolated and/or significant transactions, exempt current pension income, merger issues, and post-tax reporting.
[LTN 158, 18/8/14]