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  • Amending notional taxed contributions and defined benefit contributions

    We've identified an issue affecting the calculation of excess concessional contributions and additional contributions tax for Division 293 for some defined benefit members. 

    Our systems are ignoring amendments of notional taxed contributions (NTC) or defined benefit contributions (DBC) or both, where the annual account balance is reported as zero. This may result in incorrect excess concessional contributions determinations or Division 293 or both assessments issuing to affected members. The issue is limited to where the overwrite function is used to amend this particular reporting.

    What you need to do

    We're investigating a permanent system solution and will update you when a system fix has been scheduled. In the interim, we request you stop using the overwrite process when amending NTC and DBC values for an annual MATS with a zero balance. Instead, cancel the original before reporting the updated NTC or DBC values.

    We'll correct any accounts currently affected by this issue – funds don't need to remediate any prior reporting of NTC or DBC values.

    For any member enquiries, funds should advise that we're aware of this issue and are correcting any affected accounts

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      Last modified: 17 Mar 2020QC 61838