On 26 May 2011 the ATO released Practice Statement Law Administration PS LA 2011/24, entitled “Excess contributions tax - release authority - remission of certain administrative penalties where an individual or superannuation provider does not comply with obligations in relation to a release authority”. The Practice Statement provides guidelines for the remission of administrative penalties regarding excess contributions tax where:
- an individual does not provide a release authority to a superannuation provider within the specified time
- an individual gives a release authority and the total amount released in accordance with the release authority exceeds the amount required to be released, or
- a superannuation provider does not release the required amount within the specified time.