Webinar MATS transition strategy Reporting to Government (B2G) Australian Taxation Office / October 2017 Version Updated Update overview 0.1 24/10/2017 Initial Draft
PURPOSE To talk through the progress and status of the following items: • Member Account Transaction Service (MATS) - design update • Why there is a Transitional Period for deployment • The change management window – what deployment might look like • The preferred way forward • A contingency process/compliance • Amending your reporting • Next steps • Question time 3/11/2017 UNCLASSIFIED – MATS transition strategy 2
OVERVIEW • MATS along with the Member Account Attribute Service (MAAS) replaces the annual Member Contribution Statement (MCS). • This reporting solution also caters for Budget 2016 changes and supports Single Touch Payroll by having the trustee report superannuation payments in near real time. • MATS will be available for APRA regulated superfunds to use in late June 2018 to begin reporting 2019 financial year contributions/transactions (ie beginning from 1 July 2018) • Funds to collect data from 1 July 2018 to support MATS reporting • Funds may on-board early from 1 July 2018 to report MATS data 3/11/2017 UNCLASSIFIED – MATS transition strategy 3
3/11/2017 UNCLASSIFIED - Section 20C Notice & USM Rollover 4
Change management window… Compliance Date Compliance Date 1 Jul 31 Oct 30 Jun 31 Oct 2018 2018 2019 2019 1 Apr Early Adopters Main Change Window 2019 Late Scenario: 1 Nov 2018 Commence Lodge 2017/18 MCS Start collecting & Annual MATS MATS storing MATS data through BDE Lodgment • Readiness contact • Orchestrated cutover • Compliance date 3/11/2017 UNCLASSIFIED – MATS transition strategy 5
Cutover strategy Two options under assessment: 1. Initial load through MATS ( ATO’s preference) • When the fund onboards , ‘catch up’ transactions reported through the MATS at a transactional level (as how they would be reported post deployment) • ATO will coordinate internally to identify when high volume loads are expected and communicate to funds alternate timings to load their data • Reporting of Retirement Phase Events will continue to be reported through the existing TBAR (or other existing channels) up until the fund cuts over to MATS. Retirement Phase Events are to be excluded from ‘catch up’ transactions . • Amendments to stockpiled transactions utilise enduring amendment pattern • Simplified reporting regime (MCS up until reporting year 2017/18, MATS going forward) • Member benefits in utilising data for SG compliance modelling, and proactive nudging and display (eg concessional / non-concessional caps) 3/11/2017 UNCLASSIFIED – MATS transition strategy 6
Cutover strategy 2. Full year MCS (contingency option) • Fund would onboard in the cutover period and begin to report MATS transactions from cutover date • ‘Catch up’ transactions would be reported through the full year MCS (through BDE). As the MCS is full year, it will also include the MATS transactions reported from cutover • Annual MATS (for 18/19 year) still required – MCS does not cover Total Super Balance values • Amendments to any transactions within 18/19 year (including stockpiled transactions) require amendment MCS and annual MATS (where applicable) • Duplicate reporting for the transitional year • More complicated amendment process where two different interactions may be required • Engineering required on what elements would need to be used and what needed to be ignored by the ATO in their eligibility and entitlement calculations 3/11/2017 UNCLASSIFIED – MATS transition strategy 7
Pre-MATS amendments (pre 1 July 2018) MCS amendments • BDE channel will remain available for MCS amendments until at least 2021 • Amendments can only submitted for pre 2018/19 MCS • Only where there is a material change to the member’s financial position are to be reported (eg change of a contribution/balance amount) • An online form will be available prior to 2021 to allow for amending pre 2018/19 MCSs • A pre-filled MCS will be presented to the user to update • Validations will be consistent with existing MCS validations • Errors displayed back to user in real-time TBAR amendments (ie cancellation and re-report) • Retirement Phase Events reported through TBAR can be amended through MATS • Note: the format/structure of the message/report differs between MATS and TBAR • BDE TBAR will remain operational • In addition, paper and an online form are available too 3/11/2017 UNCLASSIFIED – MATS transition strategy 8
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