This protocol has been developed to help superannuation providers and suppliers lodge accurate and complete member contributions information with the Australian Taxation Office (ATO). The material is divided into three main sections:
- collecting contributions information
- classifying contribution types
- reporting contributions.
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This protocol does not cover:
- contributions made before 1 July 2007
- reporting by self-managed super funds.
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To ensure you comply with your obligations, there are two guiding principles that should always be followed.
Implement account-keeping and control systems that collect good contributions data
As part of good corporate governance the accounting and control systems you have in place should be designed to:
- ensure you are complying with your legal obligation to report member contributions in the approved form under division 390 of the Taxation Administration Act 1953
- meet your obligations under the Superannuation Industry (Supervision) Act 1993
- meet your fund's income tax obligations.
The collection and treatment of good data at its source is essential for accurate and complete reporting. This is the case irrespective of whether you lodge a Member contributions statement (MCS) or whether a supplier lodges an MCS on your behalf.
Understand and actively pursue your legal obligations
Taxation and super laws impose obligations on you to regulate and administer your fund in particular ways. You do not have discretion to act in a way that is contrary to a legislative requirement or reporting obligation, even if this would be in the interests of your members.
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Do not allow directions given or requests made by members, employers and other parties to prevent you from complying with the law.
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You should make sure that your members and their employers are aware of your fund's policy in this regard before any issues arise.
Last Modified: Wednesday, 20 July 2011