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  • Streamlined support for SMSFs issued a commutation authority

    As part of our COVID-19 related support we are implementing a temporary email service for SMSF trustees and their agents to help where a commutation authority has been issued.

    Some common errors that may lead to a commutation authority being issued include:

    • duplicate reporting because you have:
      • not properly identified or recorded that an event has been reported to us before
      • changed reporting platforms or administration systems and re-reported events due to a change in pension account numbers
      • not checked which events the trustees or previous agent have already reported to us for a new client 
    • not reporting the commutations that occur when a member rolls over their pension interest to another fund.

    You can use the temporary email service to:

    • understand why we have sent the fund a commutation authority and what you need to do in response
    • identify and rectify any reporting issues which may have led to us issuing the commutation authority in the first instance.

    You can also use this service if a member of the SMSF has been approached by their APRA fund because we have issued their APRA fund with a commutation authority, and you are concerned there may be issues associated with the SMSFs TBAR reporting.

    SMSF trustees and their agents can email the early engagement and voluntary disclosure mailbox any time between now and 31 August 2020.

    When using this service, you should provide as much information as possible, including:

    • the fund that received the commutation authority
    • the ABN of the SMSF involved (who has either received the commutation authority or reported information to us that led to us issuing the commutation authority to another fund)
    • when the commutation authority is due and, if available, the reference number on the commutation authority
    • the member the commutation authority relates to
    • any questions you have about the commutation authority.

    Note: This service does not replace your obligation to comply with, and report your response to, a commutation authority within 60 days and is only to provide information to assist you in meeting your obligations.

    This service is not available to assist individuals who have exceeded their transfer balance cap and have been sent an excess transfer balance determination.

    Next steps:

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      Last modified: 20 May 2020QC 62689