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Avoid delays releasing super money with these ATO tips

SMSF trustees and members urged to get the process right when acting on a release authority

The Australian Taxation Office (ATO) is reminding self-managed super fund (SMSF) trustees and members to carefully follow the correct steps when a release authority is issued.

Release authorities are official ATO instructions that allow an individual to access their super for specific reasons, such as paying excess contributions tax, Division 293 tax, or to satisfy a First Home Super Saver Scheme release.

To avoid processing delays, the ATO has issued the following guidance:

  • Only release the amount specified on the release authority no more, no less
  • Never combine multiple release authorities into one payment
  • Respond within the timeframe specified in the release authority to avoid penalties or further compliance action
  • Use the correct payment reference number (PRN) and ensure payments are sent to the correct ATO account, not the member’s personal account
  • Send a Release Authority Statement (RAS) to the ATO once payment is made.

The ATO emphasises that errors in handling release authorities can lead to delays, rejected payments and member dissatisfaction.

For step-by-step instructions on responding to a release authority, visit the ATO website or consult with your Omnis SMSF administrator or accountant.

At Omnis our SMSF team is highly skilled at navigating the complexities of SMSF regulations to help our clients achieve financial security and compliance. Contact us in West Perth on 08 9380 3555.

Related

Understanding early access to super

Source: https://www.ato.gov.au/tax-and-super-professionals/for-superannuation-professionals/super-funds-newsroom/avoid-errors-and-delays-with-release-authorities

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Justin Flavel

Managing Director

Justin’s experience spans across 20 years in accounting, financial analysis and general business practice.

Although born and bred on the land, Justin’s interest was more in spreadsheets, ledgers, and finance which led him to attend university. In 1992, Justin graduated with a Bachelor of Business majoring in Accounting and Finance. As well as qualifying as a CPA member and becoming a Fellow of the Taxation Institute of Australia, he began gaining practical experience in small and mid-tier accounting practices.

During the late 90s, Justin decided to expand his horizons and travel through Europe. It was during this time that he seized the opportunity to expand his knowledge on the workings of large organisations by taking on roles in multinational corporations.

Today, Justin’s passion is in facilitating businesses to grow and evolve. His focus is on acting in the role of business mentor to help clients develop the full potential of their businesses. He joins clients on their unique journey, and provides the tools and knowledge they need along the way to make the right decisions.

Justin’s aim for his clients parallels his own philosophy and personal journey—focusing on his own career growth and business success while maintaining balance in his life with his wife and three daughters.

Omnis Group Managing Director - Justin Flavel