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  • Annual balance reporting reminder and avoiding common errors

    Annual amounts and balance reporting

    You have an obligation to report the 30 June 2021 account balance amounts and any applicable phase values, notional taxed contributions and defined benefit contributions, on or before 31 October 2021 via the Member account transaction service (MATS), for any account that is open as at 30 June 2021.

    When reporting your annual amounts and balances for 30 June 2021, please ensure:

    • member account information has been reported through the Member Account Attribute Service (MAAS) for the account
    • the Australian business number (ABN), unique superannuation identifier (USI) and member account identifier reported in the MATS are identical to those reported through MAAS for the member account.

    Correcting annual amounts and balances - requirement to re-report the entire annual amounts section

    When you need to correct a 30 June 2021 account balance, you are required to correct this by reporting a subsequent 30 June 2021 account balance amount. You must correct this reporting within 30 days of becoming aware there was an error or omission in the information provided. You can do this by using the ‘overwrite’ function when lodging a MATS with the corrected figure and the same balance date.

    If you originally reported a Phase value amount (PVA), Notional taxed contribution or Defined benefit contribution amount, you will need to include this information again in the subsequent 30 June 2021 account balance amount reporting, otherwise default values will be utilised which may adversely impact member calculations.

    Amendments to reporting

    Where you correct a transaction effective in the 2020-21 financial year and a 30 June 2021 account balance amount has already been reported, you also need to correct the 30 June 2021 account balance amounts. 

    What funds need to do

    Funds should ensure they have appropriate processes in place to meet their reporting obligations and take care to complete their reporting accurately.

    Funds are obligated to fix reporting errors. If funds need assistance with re-reporting, they should lodge an enquiry using the Super Enquiry Service.

    See also:

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      Last modified: 26 Jul 2021QC 66483