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Division 293 Form re Election to Release Funds

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ATO Form titled: Division 293 tax Due and payable Election form

 

What does this form actually do? I am aware that it is required to notify the ATO that the Tax Payer wishes to release funds from his/her superannuation account to meet a division 293 tax obligation.  But does it do anything further?

 

I was told by a representative of the ATO that the form is also used to effect the transfer of funds from the superfund to the ATO, but I cannot see anything on your website that confirms same.  My client has completed and lodged this form with the ATO (over 2 months ago), but the ATO has not effected a funds transfer to satisfied their div 293 obligations.  The ATO has confirmed receipt of said form.

 

Is my client also required to provide payment instruction their superfund to so that the debt is satisfied? Please clarify.

 

Kind regards,

APW

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Hi @APW,

 

Welcome to our Community.

 

Once we receive your completed Div 293 due and payable election form we ask your nominated super fund to release the amount elected and send the money to us. The fund has 20 days to action the release authority and report back to us.

 

If more than 20 days has passed and we have not received the payment you should contact your fund directly.

 

If you need further information you can phone us on 13 28 61 between 8am - 6pm Monday to Friday.

 

I hope this helps, SueO

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ATO Certified Response

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Hi @APW,

 

Welcome to our Community.

 

Once we receive your completed Div 293 due and payable election form we ask your nominated super fund to release the amount elected and send the money to us. The fund has 20 days to action the release authority and report back to us.

 

If more than 20 days has passed and we have not received the payment you should contact your fund directly.

 

If you need further information you can phone us on 13 28 61 between 8am - 6pm Monday to Friday.

 

I hope this helps, SueO