Superannuation release authority

The Australian Tax Office (ATO) may issue a release authority for a number of reasons. Some of the reasons may be if your client:

• has exceeded their contribution cap in a previous financial year
• has a tax liability
• has applied for the First Home Super Saver Scheme.

When a super fund receives a valid release authority, it’s authorised to release an amount from the member’s super account based on the instructions outlined in the release authority.

Please note, the release authority must be paid within 10 business days of the issue date of the release authority.

If a release authority is issued, please ensure there is enough cash in your client’s cash account to pay the release authority.

If your client doesn’t have enough cash, we’ll need to sell down their holdings on the day we receive the request. For more information about the sell down process, view the following:

• Voyage Product Disclosure Statement (PDS)
• Grow Wrap Product Disclosure Statement (PDS).