If you’re an entity in the investment industry, you need to be ready for 1 July as we'll be starting to rate your third-party data tax controls during our assurance reviews.
As an investment industry entity, we know you likely rely heavily on data from outsourced service providers to complete your income tax reporting obligations and that you're obligated to manage tax risks through a strong governance framework. So, in 2022 we released the Governance over third-party data supplementary guide. This guide helps you set up better practices for managing third-party data tax controls, which are suitable to manage and mitigate the risk of errors in meeting income tax reporting obligations.
The guide applies to you if you're a:
- large superannuation fund
- managed investment trust (MIT) or attribution managed investment trust (AMIT)
- corporate collective investment vehicle (CCIV)
- insurance company.
We expect all investment entities to have put controls in place that follow the principles in the guide by 1 July.
If your assurance review starts after 1 July, we'll rate your third-party data tax controls. We'll also check that you have systems and processes to:
- ensure accurate reporting of third-party data
- mitigate the risks of inaccuracies in income tax reporting and distribution statements, where applicable.
We recommend you review the guide to ensure your third-party data governance frameworks are designed effectively.
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