For individuals subject to Division 293 tax, requesting a release of funds from your Superfund for Division 293 payment requires coordination between the individuals, the Australian Taxation Office (ATO), and your superannuation fund administrator.  SuperStream plays a pivotal role in facilitating this process by enabling the electronic transmission of Division 293 release authority requests.

When you received a Division 293 tax notice, it is essential you read the options provided in the notice:

  1. Pay with your own money –  You can make payment from your personal bank account using the provided payment slip in the notice.
  2. Pay from your Superfund –  To make a payment from your Superfund, you need to firstly complete the Division 293 Election Form via myGov online.

How Division 293 Release Authority Works via SuperStream

  • Request Submission: Taxpayers submit Division 293 release authority requests to the ATO electronically through the SuperStream system via their MyGov account.
  • Verification and Processing: The ATO verifies the request and processes the Division 293 release authority, providing instructions to the relevant superannuation funds.
  • Compliance: Your nominated Superfund will receive the notification and process the release authority accordingly.
  • Completion: Your superfund administrator will subsequently provide a new payment slip and reference number for you to make the payment from your Superfund bank account.

If you require assistance in completing the election form online, please contact Vlassis & Co for assistance.

Key Benefits of Division 293 Release via SuperStream

  • Efficiency: SuperStream simplifies and accelerates the release authority process by automating data transmission and reducing manual intervention.
  • Accuracy: The standardised format of SuperStream ensures the accuracy and integrity of data exchanged between stakeholders, minimising errors and discrepancies.
  • Transparency: Individuals can track the progress of their Division 293 release authority requests in real-time, enhancing transparency and accountability in the process.
  • Compliance: By leveraging SuperStream, taxpayers can ensure compliance with Division 293 tax obligations while adhering to regulatory requirements.

In summary, Division 293 release authority via SuperStream exemplifies the Australian government’s commitment to modernising and enhancing the efficiency of tax compliance processes.

By leveraging technology and standardising data exchange, SuperStream simplifies the administration of Division 293 tax obligations for both taxpayers and regulatory authorities.

Should you require assistance in the above matter, please do not hesitate to contact our “Super” team.

Written by Natalia Dilag CA

Disclaimer: The information provided herein is intended for general informational purposes only and does not constitute professional tax advice. Tax regulations are subject to frequent changes, and the applicability of tax strategies can vary based on individual circumstances. Any reliance on the information contained in this communication is at the user’s own risk. For personalised and up-to-date tax advice tailored to your specific situation, it is recommended to consult with a qualified tax professional. No client-professional relationship is established through the use of this information. The issuer disclaims any liability for actions taken based on the content provided without seeking appropriate professional advice