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  • Don't delay: action your transfer balance cap correspondence

    Excess transfer balance determinations and commutation authorities issuing in October will have a due date that falls during the Christmas/New Year period.

    We encourage self-managed super fund (SMSF) trustees and members to respond early to this correspondence to avoid adverse consequences:

    • commutation authorities need to be actioned by the due date to avoid losing access to the income tax exemption on the assets supporting the pension
    • if SMSF members don't respond to excess transfer balance determinations by the due date, we'll send a commutation authority to the fund specified in the determination.

    If your member has concerns about a determination we've issued, they can go to ATO online to see all the events which make up their transfer balance account and that led us to issue the determination. Agents for an individual can also see this information in online services.

    If any information is missing or incorrect, provide it or correct your reporting as soon as possible to allow us to revoke the determination.

    If your member is concerned about information reported to us by another fund, they should discuss this with the fund.

    If your member needs more time to respond to a determination, call 13 10 20 to request an extension of time.

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      Last modified: 21 Oct 2019QC 60428