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  • CRT Alert 013/2019

    11 February 2019

    Important compliance reminders for MATS and MAAS

    Our on-boarding to Member Accounts Transaction Service (MATS) is now well under way with 56 funds already on-boarded and around 33 million transactions reported. We have issued letters to Trustees to advise of the progress we have made in relation to the implementation of MATS and to advise them of the compliance obligations for funds who are scheduled to move to the service by 1 April 2019.

    Trustee letter

    • Issued to remind fund trustees of their MATS obligations ahead of the 1 April 2019 compliance date.
    • The letter highlights that March is a fully subscribed month and funds that are unable to meet their on-boarding dates will not be able to be rescheduled before 1 April 2019.

    Employer contribution details

    • The letter also notes that the transitional relief from reporting full transaction details, including employer details, ends from 1 April 2019 as outlined in CRT Alert 70/2017.
    • From that date, funds are required to report all data fields as set out in the MATS Business Implementation GuideExternal Link (BIG), including employer details where they have been provided to the fund. As outlined in the BIG, the fund is to provide those details if they have it available from any source, whether that be a Contribution Transaction Request (CTR) or another source.

    Continued use of SuperTICK

    • We have reviewed the usage of SuperTICK to report open and closed accounts and found over 28,000 transactions for the month of January. This includes duplicate data that has also been reported via MAAS.
    • The use of SuperTICK to open and close accounts, post a fund’s foundation MAAS load, will not have the intended effect of opening or closing an account. The only way for this to be achieved is through a MAAS report.
    • Funds are reminded that under sections 390-5 and 390-20 of Schedule 1 to the Taxation Administration Act 1953, the MAAS is the approved form for reporting open and closed accounts.  As such, funds should not be reporting open and closed account though SuperTICK.

    We will be contacting certain funds regarding their continued SuperTICK usage over the coming weeks.

    See also:

      Last modified: 12 Feb 2019QC 57888