Why is a release authority issued?

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.

Visit the ATO website for more information on release authorities.

What does a release authority mean for my client?

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, we are legally required to pay the release authority within 10 business days of the issue date of the release authority. If you have any concerns about a release authority issued for your client’s account, you will need to contact the ATO directly.

What if my client has insufficient cash to pay 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. You can view our Product Disclosure Statement (PDS) for more information about the sell down process.

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