11 Account Balances are generally not held internally by funds, ATO only requires the account balance (as at 30 June) annually for its internal requiring expensive processing costs for some funds to provide processes. Account balances will also be displayed for members on ATO online. these balances throughout the year. 13 Definition of effective date. Renamed date’ to 'receipt date' to align that date reported is when the ‘effective payment was received in the fund's bank account. ATO’s view is that the population of this date’ should be in the best interests of the member as this is the date the ‘receipt ATO will use for compliance and determination purposes. If these payments are paid by employers, they are to be reported as employer 14 How will the ATO manage amounts such as income contributions. protection payments? 16 How will MATS transactions be treated if the account has Transactions will still be able to be reported for accounts which have been closed; this already been closed? is true for both original and adjustment type transactions. 17 Where a member withdraws contributions under the First Any re-contributed FHSSS amounts should be reported via the MATS for the period in Home Buyers Super Saver Scheme (FHSSS) but does not which the re-contribution is made. For clarity, these re-contributed amounts do count purchase a property, these amounts must be re-contributed. towards the member’s non-concessional cap. How should these re-contributed amounts be reported? In all circumstances, re-contributed amounts should be reported as personal contributions Yes, there is no issue sending in updated account balances for multiple years 18 If a fund has to correct reported Account Balances for two or (correctly identified) within the one batch. more years - can these be forwarded in the same MATS Submit batch provided the financial years are defined? Our systems will process each transaction independently even where they are for – the same account. ATO systems cannot guarantee processing MATS requests sequentially as each 19 What will happen if a fund reports a submit transaction and request in a batch and across batches is processed independently. This is in line with then cancels that transaction on the same day? If they are sent the MAAS. in separate files, could the cancel be processed before the submit? A response will be provided to confirm whether a cancel was successful or not. If a success response is not returned, processes on the fund's side may be required to resend the cancel request .
11 Account Balances are generally not held internally by funds, requiring expensive processing costs for some funds to provide these balances throughout the year. ATO only requires the account balance (as at 30 June) annually for its internal processes. Account balances will also be displayed for members on ATO online. 13 Definition of effective date. Renamed ‘effective date’ to 'receipt date' to align that date reported is when the payment was received in the fund's bank account. ATO’s view is that the population of this ‘receipt date’ should be in the best interests of the member as this is the date the ATO will use for compliance and determination purposes. 14 How will the ATO manage amounts such as income protection payments? If these payments are paid by employers, they are to be reported as employer contributions. 16 How will MATS transactions be treated if the account has already been closed? Transactions will still be able to be reported for accounts which have been closed; this is true for both original and adjustment type transactions. 17 Where a member withdraws contributions under the First Home Buyers Super Saver Scheme (FHSSS) but does not purchase a property, these amounts must be re-contributed. How should these re-contributed amounts be reported? Any re-contributed FHSSS amounts should be reported via the MATS for the period in which the re-contribution is made. For clarity, these re-contributed amounts do count towards the member’s non-concessional cap. In all circumstances, re-contributed amounts should be reported as personal contributions 18 If a fund has to correct reported Account Balances for two or more years - can these be forwarded in the same MATS Submit batch provided the financial years are defined? Yes, there is no issue sending in updated account balances for multiple years (correctly identified) within the one batch. Our systems will process each transaction independently – even where they are for the same account. 19 What will happen if a fund reports a submit transaction and then cancels that transaction on the same day? If they are sent in separate files, could the cancel be processed before the submit? ATO systems cannot guarantee processing MATS requests sequentially as each request in a batch and across batches is processed independently. This is in line with the MAAS. A response will be provided to confirm whether a cancel was successful or not. If a success response is not returned, processes on the fund's side may be required to resend the cancel request .
ato-sprmbracctx.0001-2018-business-implementation-guide-v1.1.docx