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  • CRT Alert 009/2018

    28 February 2018

    Release authority products moving to common release process

    From 1 July 2018, the following products will be streamlined under a common release process. These changes will simplify the process for you and your members by aligning the various processes into one.

    For the 2013–14 financial year onwards

    • Excess concessional contributions determinations and amended determinations
    • Excess non-concessional contributions determinations and amended determinations
    • Excess non-concessional contributions tax assessments and amended assessments

    For the 2012–13 financial year onwards

    • Division 293 due and payable tax assessments and amended assessments
    • Division 293 deferred debt assessments and amended assessments

    For the 2018–19 financial year onwards

    • First Home Super Saver Scheme

    From 1 July 2018, when you are sent a release authority for these products, you must release the amounts and return the release authority statement to the ATO within 10 business days from the issue date of the release authority or a further period allowed by the Commissioner.  

    Temporary payment extension for streamlined release authorities

    The Commissioner is temporarily extending the timeframes for the return and payment of streamlined release authorities from 10 to 20 business days.

    The change applies to release authorities for excess contributions and Division 293 liabilities. It does not apply to release authorities associated with the First Home Super Saver Scheme.

    This temporary extension will continue until we digitise our release authority process. When we change the process from paper to being managed via SuperStream we will return to the legislated 10 business days. 

    This extension was given after funds raised concerns over their ability to meet this legislated time frame to return their release authority statement, with a paper form being the only channel available.

    See also:

      Last modified: 28 Feb 2018QC 54686