To make your request you must use an election form, which is a document that you complete and send to the Australian Taxation Office (ATO). You have up to 60 days from the date of your Division 293 assessment to make your election.
Note: The 60-day period only provides additional time for you to make a decision about releasing money from super. It does not change the due date for payment of your Division 293 tax liability. Even if you are electing to release money from super your liability should still be paid by the due date on your notice of assessment.
For most people it is easier and quicker to complete their Division 293 election form online. Your election will be immediately lodged with the ATO, and ensures they have all the information they need to process your election without delay.
When the ATO receives a valid election form from you, they ask your nominated super fund(s) to send the amount you have specified to them using a release authority. The money is used to pay your outstanding Division 293 liability. Any remaining is offset against other tax debts and Australian Government debts before the balance is refunded to you.
Your decision to make an election is irrevocable once the ATO have processed it.
COMPLETE ELECTION FORM ONLINE
To complete an election form online you need to have registered for myGov and linked to the ATO Online Services. If you are not already registered for myGov or your account is not linked to the ATO, go to online services.
If you are correctly linked to the ATO you should see the ATO listed under Your services when you log in to myGov. This is your starting point to make an election.
To make your election:
- Click on the ATO image to access ATO Online Services.
- Select the Super tab from the top menu.
- Scroll down to Manage.
- Click on Division 293 election (you may have other elections available – it is essential that you select Division 293 election).
- View your available elections. You may have elections for a due and payable account and/or a deferred account. You may also have elections available for different years.
- Select Lodge for the election that you would like to complete.
If you are unable to complete your election online
Using the ATO online services is the easiest and quickest way to make your election and will ensure there is no delay.
However, if you are unable to complete your election online, you have two options:
- Speak to your accountant, who can complete your Division 293 election for you using their Online services for agents; or
- Complete a paper copy – see Division 293 tax – election forms.