This impacts:
- large superannuation funds
- managed investment trusts (MITs) and attribution managed investment trusts (AMITs)
- Corporate Collective Investment Vehicles (CCIVs)
- insurance companies.
These entities are obligated to manage tax risk through a strong tax governance framework. We've previously released the Governance over third-party data supplementary guide. This guide assists them to implement better practice third-party data tax controls that are fit-for-purpose to manage and mitigate the risk of inaccuracies in meeting their income tax reporting obligations.
We have allowed a transitional period to implement controls and address the principles in the guide by 1 July 2024. This period is now coming to an end.
We expect all investment industry entities to:
- have implemented controls to address the principles outlined in the guide
- ensure that their third-party data governance frameworks are designed effectively.
Check in with your clients to confirm they’re aware and prepared for this change.