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  • 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.
    Last modified: 30 Sep 2021QC 24768