A superannuation related Legislative Instrument: the Taxation Administration Member Account Transaction Service – the Reporting of Information Relating to Superannuation Account Transactions 2018 was registered on 27.6.2018. The Deputy Commissioner – Superannuation made the determination on 24 May 2018, but it was a little over a month until it was registered.
The Determination will apply from 1 July 2018 and sets out the way in which superannuation providers, in relation to superannuation plans (excluding SMSFs), and life insurance companies, are required to give statements to the Commissioner of Taxation, in relation to an individual’s superannuation account transactions.
The principal purpose of the instrument is to set out the timeframe for the giving of a ‘Member Information Statement’ under s390-5 and s 390-20 of Sch 1 to the TAA, in relation to an individual’s superannuation account transactions. The Member Account Transaction Service (MATS) form is the approved form for the giving of such a statement to the Commissioner.
The information that must be reported to the Commissioner includes but is not limited to, information in relation to the following types of superannuation account transactions:
- member contribution balance amounts – these include account balances, retirement phase values and accumulation phase values to be reported as at 30 June of a financial year, and ‘notional taxed contributions’ (uncapped) and ‘defined benefit contributions’, that are required to be reported for a financial year, as applicable;
- employer contributions;
- non-employer transactions;
- retirement phase events; and
- acknowledgment of valid notices of intent to claim a personal superannuation contribution deduction.
Following consultation with industry, the Commissioner will provide administrative concessions to support the transition to MATS reporting.
There will be a transitional period from 1 July 2018 until 31 March 2019, allowing for the first lodgment of the MATS form to be no later than 10 business days from the 31 March 2019, unless the time for lodging the approved form is deferred by the Commissioner.
FJM 1.7.18
[LTN 121, 27/6/18; Tax Month – June 2018]
Study questions (answers available)
- Is the purpose of this determination to set the ‘approved form’ under which statements under s390-5 of the TAA1 have to be made?
- Is s390-5 the provision under which these reporting entities have to give ‘Member Information Statements’ to the Commissioner?
- Do SMSF’s have to report ‘member information statements’ in this approved form?
