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  • CRT Alert 007/2019

    23 January 2019

    Transfer balance cap: commutation authority issue resolved

    On 15 January we issued CRT Alert 004/2019 advising we:

    • have become aware there is a small risk we may issue a commutation authority to you in relation to an accumulation phase account
    • may issue a default commutation notice to your member that includes an accumulation account in the list of funds we will send a commutation authority to if they do not commute the amount set out in the determination in full by the due date.

    Default commutation notices and commutation authorities issued from Friday 14 December 2018 may have been impacted.

    The issue has now been fixed.

    What does this mean for funds?

    • We contacted the only fund we identified as having received a commutation authority in relation to an accumulation phase account.

    Next steps:

    • Remember if you have queries regarding a commutation authority we have issued, contact us by emailing SuperCRT@ato.gov.au.
      Last modified: 30 Jan 2019QC 57812