• Release authority statements – How to ensure you're meeting your obligations

    It is important to know the key differences between release authority statements to ensure you meet your obligations. All release authority statements should be completed and returned to us; however some payments may be made directly to your members, and not to us.

    The table below outlines some of the key differences between release authority statements:

    Release authority type

    Lodge statement and pay within

    Make payment to

    2013-14 financial years onwards:

     

     

    Excess concessional contributions release authority

    7 days

    ATO

    Refund of excess non-concessional release authority

    21 days

    Individual

    2012-13 financial years onwards:

     

     

     

     

     

     

     

     

    Release authority for Division 293 tax

    30 days

    ATO or

    Individual

    Commissioner’s release authority for Division 293 tax

    30 days

    ATO

     

     

     

    2007-08 to 2012-13 financial years:

     

     

    Voluntary release authority

    30 days

    ATO or individual**

    Compulsory release authority*

    30 days

    ATO or

    Individual

    Commissioner's compulsory authority to release excess contributions tax and statement*

    30 days

    ATO

     

     

     

    2011-12 and 2012-13 financial years only

     

     

    Refund of excess concessional contributions release authority

    30 days

    ATO

    *May also be applicable to the 2013-14 financial years onwards if your member chooses to receive an excess contributions tax assessment as part of the refund of excess non-concessional contributions measure.**Individual chooses when completing the voluntary release authority who the payment will be made to.

    If these conditions are not met, a fund may be liable for an administrative penalty.

    The following issues may prevent your member’s release authority statement from being processed in a timely manner:

    • providing an incomplete or incorrect statement (for example, no fund ABN, or not stating that the member has left the fund in the appropriate section)
    • incorrectly paying your member instead of us
    • the inclusion of a cover letter accompanying the statement
    • substituting the statement with single page correspondence or using fund personalised statements that don’t comply with the legislatively approved version.

    See also:

      Last modified: 10 Nov 2015QC 47323