Following the passage into law of the Government's Simplified Superannuation package of bills, the ATO has published a request for transitional release authority on its website. It is a form to be given to the ATO requesting the issue by the ATO of a transitional release authority to authorise one or more superannuation funds to release excess non-concessional contributions made during the period 10 May 2006 and 6 December 2006 directly to the contributor. The purpose of the request is to avoid the imposition of excess non-concessional contributions tax at the rate of 46.5% of the amount of any contributions made in excess of the $1 million cap.
The request for transitional release authority must be lodged with the ATO no later than 30 June 2007
For access to the request form, go here
For a factsheet providing more information, go here