Release authorities – penalties

Super funds that do not meet their excess contributions and Division 293 release authority obligations may incur significant penalties.

You may incur a non-compliance penalty up to a maximum of 20 penalty units if:

• you do not pay the required amount to us within 10 days of receiving a valid release authority
• you do not return the Release Authority Statement to us within 10 days
• you release an amount that is not the lowest amount of  
  • the amount stated in the release authority
  • the maximum available release amounts for the super interest held by the super fund.