This article will guide you through processing a release authority request from the ATO in Simple Fund 360.
Simple Fund 360 SuperStream integration for release authorities are fully supported for funds that are using the BGL ESA.
From 1st October 2021, the following Release Authorities can be processed via SuperStream. This will improve the processing speed and simultaneously reducing errors.
- First Home Super Saver Scheme (FHSSS)
- Excess Concessional Contributions (ECC)
- Excess Non-Concessional Contributions (ENCC)
- Excess Non-Concessional Contributions Tax (ENCCT)
- Div 293 Due & Payable
- Div 293 Deferred Debt
Instructions
Pre-Requisites to process a Div 293
- Ensure your fund's ABN is registered with the BGLSF360 ESA
- Ensure the ATO is notified/updated of the ESA change. Refer to Changes to your SMSF for more information.
- Make an election to release money from super via ATO. Refer to the following ATO Document, for more information.
For more information on processing a Div 293 via SuperStream, click here.
When Notifications are switched on, the following email will be received:
| From the Main Menu navigate to Connect, select SuperStream Dashboard. | |
| Switch to Fund View | |
| Select SuperStream Rollovers/Release Authorities | |
| Click on the Release Authority Received. |
Review the four sections for completeness. The following information is populated from the release authority request message:
1. Member Details:
| Member's Name |
Ensure the correct member account is selected/matched for the release authority. |
| TFN | Member's TFN. |
| Date of Birth | Member's DOB. |
| Sex | Member's Sex. |
| Address | Member's Address. |
2. Transferring Fund Details
| Is the Fund an SMSF? | Automatically selected. |
|
Name |
Transferring fund name will display. |
| ABN | Transferring fund’s ABN. |
| ESA | Transferring Fund’s ESA. |
| Member Client Id |
Member ID allocated by the fund. Member Client ID is mandatory if the transferring fund is an APRA fund. |
3. Released Amount Details
| Released Amount | The released amount is set by the ATO. You can choose to release a lower amount, however, you must specify the reason for doing so. |
| Release Authority Payment Type |
One of the following Payment Types will be noted:
|
4. Message Sender Contact Details
| Name, Email Address, Phone Number | This is the contact details of the sender of the current request. All queries related to the release authority (including payments) will be sent to this contact. |
Where the roll out request cannot be processed, the request can be rejected with one of the appropriate reasons. Please refer to the list of business errors. An error message will be sent to the ATO.
Once the review has been completed. Select Process and OK.
If choosing to release an amount less than ATO's Released Amount, please select one of the 2 appropriate reasons below:
- Cannot release due to remaining interest is defined benefit or non-commutable.
- Member balance is exhausted.
Release Authority Payment Type = First Home Super Saver Scheme (FHSSS)
For First Home Super Saver Scheme (FHSSS), ensure you have filled in the correct taxable / tax free amounts.
Upon Save and Submit, checklists will display to aid and direct you in the SuperStream rollover process by providing assistance with managing Release Authorities (RA).
- These checklists can be printed by selecting Export to PDF.
Once all checkboxes are selected, a confirmation message including the payment reference number and recipient’s bank account details will be displayed.
You will need to arrange for the trustees to make the payment to the ATO using the payment reference number and bank account details. A confirmation message will also be sent back to the ATO.
Note
The Payment Reference No. must be matched to the Electronic Payment Reference under SuperStream standard.
The Payment Reference No. for the transaction will be saved on the SuperStream Dashboard for future reference.
The Transaction Status will update to Awaiting ATO Response.
Once the ATO processes the release authority statement successfully. The Transaction Status will update to Release Authority Statement Processed.
The Following Transaction will be created depending on the Release Authority Payment Type:
|
Release Authority Payment Type |
Dr. |
Cr. |
|---|---|---|
|
Excess Concessional Contribution (ECC) |
46600/MemberCode - Refund Excess Contributions |
94920 - Member Data Clearing Account |
|
Excess Non Concessional Contribution (ENCC) |
46600/MemberCode - Refund Excess Contributions |
94920 - Member Data Clearing Account |
|
Excess Non Concessional Contribution Tax (ENCCT) |
44000/MemberCode - Excess Contributions Tax |
94920 - Member Data Clearing Account |
|
First Home Super Saver Scheme (FHSSS) |
46600/MemberCode - Refund Excess Contributions |
94920 - Member Data Clearing Account |
|
Div 293 Due & Payable (Div293) |
48100/MemberCode - Division 293 Tax |
94920 - Member Data Clearing Account |
|
Div 293 Deferred Debt (DivDef) |
48100/MemberCode - Division 293 Tax |
94920 - Member Data Clearing Account |
Transaction will automatically match when using Bank Data Service
Rollover Status Details
For more information on Rollover Statuses and what action is required at each step, please see the Statuses and Archive Transactions and Reject Request and Business Errors article.
Experiencing Issues?
If the external party is having issues with a Superstream request that had been sent, providing them with the Conversation ID will allow them to look up the status of the request.
If there are still ongoing issues, feel free to contact the BGL Support Team and provide the Conversation ID along with a summary of the actions taken so far.
This can be found in the 'Transaction History' of the request.