The ATO changes the approach to releasing amounts and also temporarily extended related time frames.
Streamlining legislation changes the approach to releasing amounts from superannuation interest if a person makes an election for excess concessional contributions determination (ECC), excess non-concessional contributions determination (ENCC), excess non-concessional contributions tax assessment (ENCCT), or notice of assessment for Division 293 tax (Div 293).
These changes took effect from 1 July 2018 for elections from 2013/14 for excess contributions products, and from 2012/13 for Div 293.
The Commissioner has temporarily extended the time frames for the return and payment of streamlined release authorities from 10 to 20 business days from 1 July 2018. The change applies to release authorities for excess contributions and Div 293 liabilities. The temporary extension will continue until the ATO digitises their release authority process.
The temporary extension does not apply to release authorities associated with the First Home Super Saver (FHSS) Scheme. FHSS Release Authority Statements need to be processed within 10 business days.
Updated ECC and ENCC instructions
From 1 July 2018 the ECC and ENCC release authorities issued will have updated instructions.
Consistent streamlined release authorities
From October 2018 the streamlined release authority will be issued and will be consistent for all excess contributions and Div 293 products for the relevant financial years.