Not everyone has a self-managed superannuation fund but have their superannuation contributions in a large superannuation fund, usually an industry or retail fund. Those superannuation funds are regulated by Australian Prudential Regulation Authority (APRA).
These superannuation funds are subject to strict reporting standards in relation to the balances held by their members. The members may be your relatives or employees.
Real Time Reporting
Reporting by APRA regulated funds to the Australian Taxation Office (ATO) was brought into the SuperStream arrangements in 2018; the idea is for superannuation members to be advised of their current superannuation position at any time.
New Reporting Requirements
The member contributions statement (MCS) was replaced by two event-based reporting services, described below:
- Member Account Transaction Service (MATS) – services used for reporting member contributions or transactions more frequently and at a transactional level; and
- Member Account Attribute Service (MAAS) – services used for reporting member account information.
These services introduced several significant changes to the way member account information and contributions data was traditionally reported through the MCS. The most significant changes can be described as follows:
- MATS and MAAS reporting occurs throughout the year at time a transaction or event occurs (previously an MCS was reported annually);
- Member account details or attributes (for example account status or account phase) are now only reported by MAAS when there are changes to these attributes;
- Contributions data needs to be reported at a transactional level, rather than in aggregated amounts.
Superannuation funds and their administrators, as well as other entities holding a superannuation interest (such as life insurance companies) must report transactional information regarding superannuation contributions and events via MATS throughout the year, when the relevant transaction or event occurs.
The following types of contributions and transactions should be reported by using the MATS:
- Member contributions balance amounts;
- Employer contributions;
- Non-employer contributions;
- Retirement phase events; and
- Acknowledged notices of intent.
Annual Amounts and Balance Reporting
The APRA regulated superannuation funds are required to report the 30 June account balance amounts and any applicable phase values, notional taxed contributions and defined benefit contributions on or before 31 October 2019 by using MATS. This obligation relates to any account open from 30 June 2019.
Correcting Annual Amounts and Balances – Requirement to Re-report the Entire Annual Amounts Section
Corrections of the 30 June account balance must be made by reporting a subsequent 30 June balance amount and must be completed within 30 days of becoming aware that there was an error or omission in the information supplied.
Amendments to the Reporting
When necessary corrections are required in relation to the income year ended 30 June 2019 and a 30 June 2019 account balance amount has already been reported, this account balance will also require an amendment.
Unclaimed Superannuation Funds Reporting Obligations
Superannuation funds and their administrators, as well as other entities holding a superannuation interest (such as life insurance companies) are required to report and pay:
- Unclaimed super monies;
- Unclaimed super of former temporary residents;
- Small and insoluble lost member accounts; and
- Inactive low-balance accounts.
for the statement period 1 January to 30 June 2019 on or before 31 October 2019.