The ATO warned funds that unchecked errors could result in unintended consequences for their members, which the ATO may not be able to reverse.

“When reporting MATS transactions for a member, make sure the contribution amounts and types are reported correctly at the correct label for that type of contribution and that fund ABN, USI and member account identifiers exactly match what was reported when the account was opened in a Member Account Attribute service,” the Tax Office stated.

Many processes within the ATO, and displayed to members through ATO Online, use the type and amount of contributions reported on the MATS reporting, the ATO noted.

“With the increase of automated processing, and the extension of release authorities into SuperStream, we are less likely to be able to assist funds to remediate any reporting errors before they’re used to assess members against contribution caps and other measures,” the ATO cautioned.