• Member contributions statement reporting issues: May 2014 webinar transcript

    Objective

    Thanks for joining us everyone.

    The aim of today's presentation is to provide you with specific scenarios and examples you face every day with your MCS reporting. The examples are based on current questions we receive from experienced MCS fund reporting staff.

    The focus of this pilot webinar is member contributions statement (MCS) amendments. I won’t be covering the basics and will assume those of you hooking in have plenty of existing expertise in this area. I’m instead covering:

    • some of the most difficult or contentious issues you need to deal with, and
    • some of the things we see going wrong sometimes, particularly things that result in a poor experience for your members who are, of course, our ultimate clients too.

    Being a pilot and a new way to deliver superannuation information we may possibly all encounter some things that don’t work as well as we would like them to – we are keen to get your feedback both on the content I’m covering and on this new mode of delivering this content. You also may find that the content includes things you don’t quite agree with or things you want us to clarify – again we’re keen to hear from you on this sort of issue too.

    As usual, please email your queries to SuperCRT@ato.gov.au.

    The ATO sees a good MCS amendment process as a key component of good compliance with your reporting obligations. Just like all account systems, we need to allow for adjustments. All super funds need amendment systems that allow for amendments. We observe an amendment rate of between 1 and 2% across the industry and don’t necessarily see that as a bad thing. We recognise that, while on the one hand incorrect original MCSs might indicate reporting errors, a low rate of amendment might also indicate failure to identify and correct those errors rather than perfect original reporting.

    As we will see, having good processes and systems in place to respond appropriately to inevitable member, employer and fund error seems to us to be at least as important as avoiding those errors in the first place – in practice it's simply not possible to avoid all errors.

    Overview

    Today's presentation will cover:

      Last modified: 25 May 2015QC 42279