Australian Taxation Office updated that it noticed many error response messages regarding missing or incorrect data for SuperStream Rollovers. It warned all fund members to follow an appropriate process to ensure proper reporting obligations and prevent inaccurate reporting results.

These error messages impact critical transactions such as:

• Contribution Transaction Error Response (CTER)
• Government Contribution Transaction Error Response (GCTER)
• Government Contribution Transaction Amendment Outcome Response (GCTAOR)
• Unclaimed Superannuation Money Outcome Response (USMOR)

In a recent update, the ATO said, “Make sure you have the appropriate process in place to ensure proper reporting obligations”. It warned that the office had been continuously receiving outcome or error response messages with incorrect information, missing essential data or no corresponding messages.

If not handled properly, the incomplete or inaccurate reporting results in members’ payments being suspended and impacts your information displayed on ATO Online. This can further impact your member’s profile and leads to complaints both to the Australian Taxation Office and your fund.

Other than missing data errors, the ones that are more common are incomplete or incorrect data in relation to refunds and messages. Also, payments not sent on the same day are considered an offence as per the ATO.

Furthermore, the incidences of missing payment reference number (PRN) or the PRN not matching with the response message are happening now and again. ATO strictly explained that along with customised PRNs for funds repeated during the past 12 months, funds should have appropriate processes in place to ensure they are meeting their reporting obligations.

To help ensure messages and payments are processed by the ATO online, SuperStream Rollovers should reconcile their superannuation accounts by downloading the statement of account (SOA) from online services for business (OSB).

Incomplete or inaccurate reporting results in members’ payments being suspended. For the right guidance, schedule an appointment with our tax accountants at KPG Taxation.