Commonwealth legislation

Taxation Administration Member Account Attribute Service – the Reporting of Information relating to Superannuation Account Phases and Attributes 2018

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Commonwealth

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legislative instrument

Plain English Summary

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This determination requires superannuation providers (except self-managed funds) and life insurers to lodge a Member Account Attribute Service (MAAS) form when an account or policy is opened or when its superannuation “phases” or attributes change. Reports must use the approved MAAS form and be lodged within 5 business days unless the Commissioner allows a later date (cl.5). It repeals the 2017 reporting instrument (cl.4) and is made under sections 390-5 and 390-20 of the TAA (cl.3). Providers pay the compliance cost; the Commissioner controls timing and form.

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Current sections

Direct links to the current provisions in Taxation Administration Member Account Attribute Service – the Reporting of Information relating to Superannuation Account Phases and Attributes 2018.

Taxation Administration Member Account Attribute Service – the Reporting of Information relating to Superannuation Account Phases and Attributes 2018

Legislative Instrument

Taxation Administration Member Account Attribute Service – the Reporting of Information relating to Superannuation Account Phases and Attributes 2018

I, James O’Halloran, Deputy Commissioner Superannuation make this determination under section 390-5 and section 390-20 of Schedule 1 to the Taxation Administration Act 1953

James O’Halloran

Deputy Commissioner Superannuation

Dated: 28 February 2018

Name of instrument

This determination is the Taxation Administration Member Account Attribute Service – the Reporting of Information relating to Superannuation Account Phases and Attributes 2018.

Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation and will apply from 1 April 2018.

Authority

This determination is made under sections 390-5 and 390-20 of Schedule 1 to the Taxation Administration Act 1953 (TAA 1953).

Repeal of previous instrument

Legislative instrument F2017L00142 Reporting of all new member accounts and closed member accounts by superannuation providers in relation to superannuation plans (other than self managed superannuation funds) in accordance with the Taxation Administration Act 1953 registered 22 February 2017 is repealed on the commencement of this instrument.

Application

This instrument applies to every superannuation provider in relation to a superannuation plan (excluding a self managed superannuation fund) and every life insurance company that is required to lodge a Member Account Attribute Service (MAAS) form. The MAAS form is the approved form for the giving of a statement to the Commissioner under section 390-5 and section 390-20 of Schedule 1 to the TAA 1953 in relation to an individual’s superannuation account phases and attributes.

The MAAS form, the statement is required to be lodged no later than 5 business days after the day on which an account is opened or a life insurance policy is first held or such later date as the Commissioner of Taxation may allow.

A MAAS form, is also required to be lodged no later than 5 business days after the day on which any changes to the superannuation account phases and/or attributes relating to the account or policy occur, or such later date as the Commissioner of Taxation may allow.

6. Definitions

‘Superannuation provider’, ‘superannuation plan’ and ‘life insurance company’ take their meanings from the Income Tax Assessment Act 1997

‘Approved form’ takes its meaning from TAA 1953

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Taxation Administration Member Account Attribute Service – the Reporting of Information relating to Superannuation Account Phases and Attributes 2018

Legislative Instrument

Taxation Administration Member Account Attribute Service – the Reporting of Information relating to Superannuation Account Phases and Attributes 2018

I, James O’Halloran, Deputy Commissioner Superannuation make this determination under section 390-5 and section 390-20 of Schedule 1 to the Taxation Administration Act 1953

James O’Halloran

Deputy Commissioner Superannuation

Dated: 28 February 2018

Name of instrument

This determination is the Taxation Administration Member Account Attribute Service – the Reporting of Information relating to Superannuation Account Phases and Attributes 2018.

Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation and will apply from 1 April 2018.

Authority

This determination is made under sections 390-5 and 390-20 of Schedule 1 to the Taxation Administration Act 1953 (TAA 1953).

Repeal of previous instrument

Application

This instrument applies to every superannuation provider in relation to a superannuation plan (excluding a self managed superannuation fund) and every life insurance company that is required to lodge a Member Account Attribute Service (MAAS) form. The MAAS form is the approved form for the giving of a statement to the Commissioner under section 390-5 and section 390-20 of Schedule 1 to the TAA 1953 in relation to an individual’s superannuation account phases and attributes.