A release authority is a document given to an individual or to your super fund indicating that you are authorised to release an amount from your super account according to the instruction in the release authority.
There are eight types of release authorities, so knowing who you need to pay to get the right release is very important. It can help you avoid extra costs, save time and eliminate unnecessary frustrations.
[ctt template=”9″ link=”8KJw5″ via=”no” ]Getting the right release can help you avoid extra costs, save time and eliminate unnecessary frustrations.[/ctt]
The types of release authority available:
- Refund of excess concessional contributions release authority
- Voluntary release authority
- Compulsory release authority
- Excess concessional contributions release authority
- Excess non-concessional contributions release authority
- Commissioner’s compulsory authority to release excess contributions tax and statement
- Release authority for Division 293 tax
- Commissioner’s release authority for Division 293 tax
- Who should you pay for a release authority?
There are two ways you can pay a release authority:
Excess concessional contributions release authority
- Pay the ATO with seven days of the release authority issue date.
- Return the release authority statement to the ATO within seven days of the release authority issue date.
Excess non-concessional contributions release authority
- Pay the member within 21 days of the release authority issue date.
- Return the release authority statement to the ATO within 21 days of the release authority issue date.
Be careful when paying for a release authority. Getting the payment wrong means you will have to recover the money from one member and re-send it to the correct member.
It may also mean you might have to pay a release authority twice, cause inconveniences, time delays and ultimately a lot of frustration.
You might also be interested in: The SMART Way To Plan Your Budget
Do you need guidance on getting a release authority?
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