Federal Register of Legislation - Australian Government

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This instrument sets out the way in which superannuation providers in relation to superannuation plans (excluding self-managed superannuation funds) and life insurance companies are required to give statements to the Commissioner of Taxation in relation to an individual’s superannuation account transactions.
Administered by: Treasury
Registered 27 Jun 2018
Tabling HistoryDate
Tabled HR28-Jun-2018
Tabled Senate13-Aug-2018

Legislative Instrument

 

Taxation Administration Member Account Transaction Service – the Reporting of Information Relating to Superannuation Account Transactions 2018

 

I, James O’Halloran, Deputy Commissioner Superannuation, make this determination under section 390-5 and section 390-20 of Schedule 1 to the Taxation Administration Act 1953.

 

Signed by

Deputy Commissioner Superannuation

 

Dated: 24 May 2018

 

 

1.            Name of instrument

This determination is the Taxation Administration Member Account Transaction Service – the Reporting of Information Relating to Superannuation Account Transactions 2018.

 

2.            Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation and will apply from 1 July 2018.

 

3.            Authority

This determination is made under sections 390-5 and 390-20 of Schedule 1 to the Taxation Administration Act 1953 (TAA 1953).

 

4.            Application

This instrument applies to every superannuation provider in relation to a superannuation plan (excluding a self managed superannuation fund) and every life insurance company that is required to lodge a Member Account Transaction Service (MATS) form.

The MATS form is the approved form for the giving of a statement to the Commissioner of Taxation (the Commissioner) under section 390-5 and section 390-20 of Schedule 1 to the Taxation Administration Act 1953 (TAA 1953) in relation to a superannuation account transaction for an individual.

The MATS form is required to be lodged to report information relating to the following superannuation account transactions:

i.              Employer contributions – no later than 10 business days after the day the contribution amount is allocated to the individual’s superannuation account, or such later date as the Commissioner may allow.

ii.             Non-employer transactions – no later than 10 business days after the day the transaction amount is allocated to the individual’s superannuation account, or such later date as the Commissioner may allow.

iii.            Retirement phase events – no later than 10 business days after the day the relevant reporting event occurs, or such later date as the Commissioner may allow.

iv.           Acknowledgements of valid notices of intent to claim a personal superannuation contribution deduction – no later than 10 business days after the day the notice of intent is acknowledged, or such later date as the Commissioner may allow.

v.            Member contribution balance amounts – no later than 31 October following the end of the financial year to which the amount relates, or such later date as the Commissioner may allow.

 

5.            Definitions

‘Superannuation provider’, ‘superannuation plan’ and ‘life insurance company’ take their meanings from the Income Tax Assessment Act 1997.

‘Approved form’ takes its meaning from TAA 1953.