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  • CRT Alert 024/2019

    Extension to the concession for accumulation phase value and retirement phase value reporting

    We are extending the existing concession for accumulation phase value (APV) and retirement phase value (RPV) reporting for the 30 June 2017 and 30 June 2018 reporting obligations.

    The concession will be extended to cover the 30 June 2019 reporting of APV/RPV.

    We announced the previous concessions to support funds and administrators through the significant change program for Member Account Transaction Service (MATS) reporting.

    The Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019External Link recently received royal assent, enacting a ban on exit fees on super accounts from 1 July 2019.

    From 1 July 2019, for many super accounts the 30 June account balance reported each year would meet the definition of accumulation phase value or retirement phase value – that is, the amount that would be payable if the individual voluntarily caused their super interest to cease at that time.

    Given this legislative change, the concession is being provided as the system changes required by many super funds and administrators to provide APV/RPV reporting for impacted accounts would be limited to one year.

    Under the concession, you won't need to report an APV or RPV for 30 June 2019 if the difference between the 30 June 2019 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 2019.

    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: 21 Mar 2019QC 58311