Webinar MATS transition strategy Reporting to Government (B2G) - - PowerPoint PPT Presentation

Webinar MATS transition strategy

Reporting to Government (B2G)

Australian Taxation Office / October 2017

Version Updated Update overview

0.1 24/10/2017 Initial Draft

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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

3/11/2017 UNCLASSIFIED – MATS transition strategy 3

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 - Section 20C Notice & USM Rollover 4

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Start collecting & storing MATS data 1 Jul 2018 31 Oct 2018 30 Jun 2019 31 Oct 2019

Compliance Date Compliance Date

Early Adopters Main Change Window Late

1 Apr 2019 Annual MATS Lodgment

Scenario: 1 Nov 2018 Commence MATS

Lodge 2017/18 MCS through BDE

Change management window…

3/11/2017 UNCLASSIFIED – MATS transition strategy

• Readiness contact
• Orchestrated cutover
• Compliance date

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Cutover strategy

3/11/2017 UNCLASSIFIED – MATS transition 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)

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Cutover strategy

3/11/2017 UNCLASSIFIED – MATS transition 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

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Pre-MATS amendments (pre 1 July 2018)

3/11/2017 UNCLASSIFIED – MATS transition strategy

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