The Australian Government established Community Benefit Principles as part of the Future Made in Australia agenda. The Department of Industry, Science and Resources is now consulting on draft public guidance showing how the principles can be applied in practice to production tax incentives. 

Companies seeking to obtain the full amount of these tax incentives will be required to publish a Production Tax Incentive Community Benefit Report each year about how the project will provide benefits to the community. Companies will be required to have their Production Tax Incentive Community Benefit Report reviewed by a Registered Company Auditor to provide assurance that any factual information contained in the report is true and fair.

CA ANZ made a submission because prescribed assurance requirements that are not clear and effective can create significant difficulties for both assurance practitioners and companies requiring the assurance. The key points raised in our submission centre on the:

• Scope and nature of the assurance engagement
• Terminology and level of assurance
• Requirement for a Registered Company Auditor (RCA)