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  • CRT Alert 044/2019

    Processing First home super saver (FHSS) release authorities

    We've been reviewing fund performance regarding timely actioning of FHSS release authorities and have found a large number of funds aren’t meeting their obligations to action FHSS release authorities within the required timeframe.

    Our review factored in time for the paper-based release authorities and release authority statement (RAS) forms to move through the post.

    A reminder: Funds must action all FHSS release authorities issued by the ATO within 10 business days of the date of issue. Unlike other release authorities, the Commissioner has not extended the time to action a FHSS release authority.

    It’s essential that FHSS release authorities are processed on time, not only because it’s a legal requirement, but so your members can access their FHSS amounts and receive their savings quickly to help them purchase their first home.

    When money’s available for release, funds must action an FHSS release authority; they cannot return a nil RAS. Members can request a release authority (under the FHSS scheme) from a fund other than the fund to which they made voluntary contributions. Therefore you may receive a valid release authority despite not having received any voluntary contributions.

    Next steps:

    • Funds need to review their processes regarding FHSS release authorities to ensure they’re meeting the legislated 10 business day timeframe.
    • We’ll shortly be contacting funds that have a high proportion of late FHSS release authorities and will do follow-up checks in three months to assess if there’s been an improvement in fund performance.
      Last modified: 11 Sep 2019QC 60094