The specific name mastersi is in honor of the Australian malacologist George Masters (1837–1912),[2] who collected the type specimen.

[1] Subspecies include: This species is found in New South Wales, Australia.

Cox's original text (the type description) reads as follows:[1] Shell depressed, very thin, smooth, transparent, extremely shining, very finely curvately striated, with a few faint spiral lines, bright golden yellow with occasionally a greenish tinge; spire very slightly prominent, apex central, suture impressed, narrowly margined; whorls 3, slightly convex, last rather depressed, rounded at the periphery, and rather convex beneath on outer half; aperture (mollusc) diagonal, lunately ovate; peristome simple, right margin slightly dilated above and in front, left rather straightly continuous with the columella, which is strongly arcuate above, the left margin and base membranous and flattened.

A delicate bright golden-yellow hyaline shell, allied to V. Strangei, but easily distinguished by being much more depressed, and having half of the base membranous.

The animal of this shell is whitish, and not grey as in V. Strangei.This semislug lives in closed Eucalyptus forests.