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  • CRT Alert 007/2018

    Open for consultation – MAAS legislative instrument

    19 February 2018

    The Member Account Attribute Service (MAAS) draft legislative instrument and explanatory statement are now available for comment.

    You can submit your comments up until 26 February 2018 by following the instructions in the consultation documents.

    The legislative instrument and explanatory statement should be read together. The former sets out the timeframe within which you should send a MAAS form; the latter explains the intent of the legislative instrument.

    The MAAS form

    The MAAS form is a virtual approved form you will be required to lodge under section 390-5 of Schedule 1 of the Taxation Administration Act 1953.

    Superannuation providers (excluding self-managed superannuation funds) and life insurance companies will need to use the MAAS form to report superannuation account attribute and phase events to us within five business days of the event or a later date as allowed by the Commissioner.

    Details of the attributes and phases that will need to be reported are detailed in the MAAS Business Implementation Guide.

    Proposed changes to lost member reporting

    The Government recently released draft legislation to remove the requirement to lodge biannual lost member statements from 1 April 2018. The draft explanatory memorandum to that bill explains these reporting requirements will instead be set by the Commissioner.

    Should the proposed amendments become law, it is our intention to require you to report lost member information on the MAAS report and the Commissioner would require you to report lost member information at least twice a year.

    We will consult on appropriate dates if the proposed amendments become law.

    For guidance on reporting super account attributes and phases refer to the MAAS Business implementation guide.

    Next step:

    See also:

      Last modified: 19 Feb 2018QC 54581