Treasury has released exposure draft legislation which proposes to expand the information required to be reported by super providers to the ATO in respect of their members. Under the revised reporting obligations, superannuation providers would be required to provide statements for all members who held an interest in the fund at any time during the reporting period, not just those for whom contributions were received.
The amendments would allow the ATO to display more comprehensive superannuation information to individuals, facilitate the consolidation of lost and inactive accounts with a balance below $1,000 and the increased concessional contributions cap for members with balances of less than $500,000 from 1 July 2014.
The changes are proposed to apply to reporting periods starting on or after 1 July 2012 ie the first year the amendments are to apply is the 2012-13 financial year for which member information statements are due by October 2013.
The draft legislation and accompanying explanatory memorandum are available on the Treasury website.
COMMENTS are due by 10 August 2012.
[LTN 145, 30/7]