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  • CRT Alert 076/2017

    8 December 2017

    Concession extension for accumulation and retirement phase values reporting

    We are extending the concession for accumulation phase value (APV) reporting from 30 June 2017 to 30 June 2018 and including retirement phase value (RPV) reporting in this concession.

    We announced the original concession for APV reporting up to 30 June 2017 when we were consulting on the timing for cutover to the Member Account Transaction Service (MATS). We have now confirmed MATS onboarding will begin from 1 July 2018 and the conformance date is 1 April 2019.

    Not all funds will be ready to report 30 June 2018 APV via MATS, so we're extending the concession to the 2017–18 financial year.

    This concession will also apply to RPV reporting for the purpose of calculating total super balance.

    What is the concession?

    Under the concession, you won't need to report an APV or RPV for 30 June 2018 if the difference between the Member Contributions Statement account balance and the APV or RPV is limited to the sum of exit and administration fees that would apply if the account was to cease at 30 June 2018.

    RPV reporting is limited to superannuation income streams covered by subsection 307-230(4) of the Income Tax Assessment Act 1997. RPV reporting is not required for capped defined benefit income streams.

      Last modified: 08 Dec 2017QC 54049