23 Oct 06 Continuation of reporting of employer contributions by super fundsThe ATO has published information about the continuation of reporting of employer contributions by superannuation funds. The Minister for Revenue and Assistant Treasurer, Peter Dutton, announced in a media release in February 2006 that superannuation funds must continue to report employer contributions and total contributions paid to all member accounts to the ATO annually. This includes contributions made in the 2005-06 financial year.
Annual reporting by funds via the Member contributions statement (MCS) was previously required by superannuation surcharge legislation. This ceased to apply for contributions made after the 2004-05 financial year. The continued reporting of personal contributions via the MCS was incorporated into superannuation co-contributions legislation while the obligation to report employer contributions has been incorporated into superannuation guarantee legislation. Legislative amendments have been enacted and new regulations under the legislation are effective from 6 October 2006.
For a copy of the ATO information, go here