Member Account Attribute Service reporting determination

The Australian Taxation Office (ATO) has issued SPR 2018/1: Taxation Administration Member Account Attribute Service – the Reporting of Information relating to Superannuation Account Phases and Attributes 2018. The principal purpose of this instrument, which applies from 1 April 2018, is to set out the timeframe for superannuation providers in relation to superannuation plans (excluding self-managed superannuation funds), and life insurance companies to provide a statement to the Commissioner of Taxation in relation to an individual's superannuation account phases and attributes. The Member Account Attribute Service (MAAS) form is the approved form for such purposes, and is to be lodged no later than five business days after the day on which:

  • an account is opened or a life insurance policy is first held, and
  • any changes to the account phases and/or attributes relating to the account or policy occur.

As the statement is required to be provided in the approved form, penalties may be imposed for failure to lodge on time in the approved form.

ATO Consults on release authorities

The ATO has recently conducted consultation on updates to Release Authority and Release Authority Statements (RAS) for excess contributions and Division 293 tax. From October 2018, the ATO will streamline the RAS into one product for excess concessional contributions and excess nonconcessional contributions (ENCC) and Division 293. Comments were due on 18 April 2018.

SuperStream reporting research data

The ATO has released its research data on SuperStream, including benchmarking reports. This is the result of the ATO-commissioned research into employers’ progress on the implementation of SuperStream and their experience with paying super. A representative sample of 1,920 employers were surveyed across Australia covering all sizes, industries and geographies. The SuperStream benchmarking data focuses on contributions processing by Australian Prudential Regulation Authority (APRA)-regulated funds and Exempt Public Sector Superannuation Schemes (EPSSS).

Duplicated accounts in the calculation of Total Superannuation Balance

The ATO has issued a Discussion Paper on total superannuation balances (TSB) that include amounts which have been incorrectly duplicated. TSB is calculated using amounts from Member Contribution Statements (MCS) and Transfer Balance Account Report (TBAR) forms which are then matched to avoid duplication. However, the ATO has identified seven reporting scenarios that have resulted in errors in TSB because MCS and TBAR do not match. The ATO is seeking comments before 4 May 2018 on those reporting scenarios identified. Funds that are currently affected by the duplication will be contacted by the ATO after 4 May 2018 to discuss what action the fund may need to take.