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Re: Div 293 election

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I recently submitted an election on the MyGov site for my SMSF to pay my Div 293 tax.

 

Will my SMSF receive a notification from the ATO to pay this amount?

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ATO Certified

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Hi @Paul1965

 

Welcome to our Community.

 

The short answer is yes. When you complete and submit the election form, after we have processed it we will ask your nominated self-managed super fund (SMSF) to release the amount you elected and send the money to us.

 

The document that we will issue to your SMSF is called a release authority. When the fund receives a valid release authority, it is authorised to release an amount from the member’s super account according to the instructions outlined in the release authority.

 

You can check out the release authorities page on our website for more information.

 

The release authority will include a 'release authority statement' and instructions for completing it. This is the information you must provide to us to confirm that you have released the member's money in accordance with the release authority.

 

Hope this helps.

 

Thanks,

 

ChrisR

1 REPLY 1
Highlighted

Best answer

ATO Certified

TaxTime Support

Replies 0

Hi @Paul1965

 

Welcome to our Community.

 

The short answer is yes. When you complete and submit the election form, after we have processed it we will ask your nominated self-managed super fund (SMSF) to release the amount you elected and send the money to us.

 

The document that we will issue to your SMSF is called a release authority. When the fund receives a valid release authority, it is authorised to release an amount from the member’s super account according to the instructions outlined in the release authority.

 

You can check out the release authorities page on our website for more information.

 

The release authority will include a 'release authority statement' and instructions for completing it. This is the information you must provide to us to confirm that you have released the member's money in accordance with the release authority.

 

Hope this helps.

 

Thanks,

 

ChrisR

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