Tax considerations are set to become an even larger focus for trustees as they look to address key issues raised by the Royal Commission into Banking, Superannuation and Financial Services and the Productivity Commission into Superannuation. A key area called into question by the Royal Commission was whether trustees were performing their duties in the best interests of members. From an investment governance perspective, trustees have a fiduciary obligation to take tax considerations into account as part of their investment strategy under APRA’s prudential standard on investment governance (SPS530). Embracing tax considerations more fully would give trustees an opportunity to...