Financial Sector (Collection of Data) determination No. 47 of 2005
4. Deferred tax assets4. Deferred tax assets
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4. Deferred tax assets
Deferred tax assets means the amounts of income taxes recoverable in future reporting periods in respect of:
(a) deductible temporary differences; and
(b) the carry forward of unused tax losses
determined in accordance with current Australian Accounting Standards.
For the purposes of quarterly reporting APRA is not mandating the superannuation entity to calculate the tax assets and liabilities every quarter, this will only be mandated for the annual reporting requirements. However superannuation entities should be considering the application and materiality of these obligations in determining the value of the superannuation entity and of member benefits, particularly for member rollovers and transfers during the period. Report the most recently calculated figure per the superannuation entity’s ledger at this item.
Important!
Current tax assets are reported as part of item 8 below.
Important!
No adjustments should be made to the tax account balances on the Statement of Financial Position when separating contributions tax from income tax expense. The only adjustments in relation to contributions tax which should be made are to SRS 100.0 Statement of Financial Performance item 20 ‘Tax expense on net operating performance’