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.