19 Sep 06 Member contribution statement (MCS) due 31 October 2006The ATO has advised that eligible individuals are entitled to receive a co-contribution if they make a personal contribution to a complying superannuation fund or retirement savings account (RSA), and their income falls within certain thresholds. Ordinarily, the co-contribution is paid to the individual’s superannuation fund or RSA. Superannuation co-contribution entitlements can only be determined after the ATO has received and matched both the individual’s tax return and the Member contribution statement (MCS) which is lodged by their superannuation provider.
Superannuation providers must lodge an MCS form by 31 October 2006. In this form, they must correctly report all contribution amounts for their members. Tax file numbers (TFNs) are required for the ATO to match the contributions paid with the income tax returns lodged by members. With this information, the ATO can determine whether an individual is eligible for a co-contribution and, if so, work out the amount of the payment.
For a copy of the ATO advice, go here