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  • Release authority streamlining update

    From 1 July 2018 streamlining legislation changes the approach to releasing amounts from superannuation interest if a client makes an election for:

    • excess concessional contributions determination (ECC)
    • excess non-concessional contributions determination (ENCC)
    • excess non-concessional contributions tax assessment (ENCCT)
    • notice of assessment for Division 293 tax (Div 293).

    These changes aim to align release authority processes for the above products to deliver a consistent client experience. Changes will take effect for elections from the 2013–14 financial year onwards for excess contributions products, and the 2012–13 financial year onwards for Div 293.

    Temporary timeframe extension

    From 1 July 2018 the Commissioner of Taxation has temporarily extended 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 Div 293 liabilities. It does not apply to release authorities associated with the First Home Super Saver (FHSS) Scheme. FHSS Release Authority Statements need to be actioned within 10 business days.

    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.

    Updated ECC and ENCC instructions

    From 1 July 2018 the ECC and ENCC release authorities issued will have updated instructions.

    Consistent streamlined release authorities

    From October 2018 the streamlined release authority will be issued and will be consistent for all excess contributions and Div 293 products for the financial years stated above.

    Note: all release authorities are to be actioned as per the instruction on that product. You may receive limited numbers of the old release authorities still in circulation. This may require you to release amounts direct to the individual.

    See also:

      Last modified: 11 Jul 2018QC 56228