ATO, Property, Superannuation

ATO provides tips on FHSSS forms

The ATO has published some handy tips for fund members attempting to complete the First Home Super Saver Scheme (FHSSS) release authorities.

The guidance has been produced based upon the first six months the scheme has been running.

One suggestion is for funds to use the correct payment reference number (PRN) to enable members to receive their FHSSS money quickly.

In addition, the regulator advised members to ensure their identification number matches that on the member’s FHSSS release authority statement.

“If a fund is unable to match a member’s details with those on the member’s FHSSS release authority statement (RAS), funds can follow-up with their member or check details with us via the Super CRT mailbox,” the ATO said.

The guidance also urged funds to complete the RAS form for every release authority and return it regardless of whether the fund is able to release any money under the FHSSS.

If the money cannot be released from the fund and the member has agreed, the ATO said it will request the release of the funds from any other super account the member holds.

“Remember, funds don’t need to match voluntary contributions made by their member to be able to release money from their account,” the regulator said.

“For example, the FHSSS amount does not need to be released from the account or fund where the personal voluntary contributions were made.

“Members can request the release to be made from any of their superannuation accounts, even if no personal voluntary contributions were made to that account.”

It said these tips should be incorporated in fund procedures and adviser staff training material.

The new aid comes after CRT Alert 82/2018 was issued last year to flag the FHSSS Guidance Note 2018/1 had been released. The guidance note helped funds and members understand how the scheme operates and provided various examples of scenarios where it can be used.

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