8. Current tax liabilities

Show the net of current tax assets (report as a negative) and current tax liabilities determined in accordance with current Australian Accounting Standards and other mandatory professional reporting requirements.

• Current tax asset means the amount of current tax recoverable as at the reporting date.
• Current tax liability means the amount of current tax payable as at the reporting date.

Important!

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!

Note that 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’.