How to elect to pay Division 293 Notice from your SMSF or Super

Div 293 Tax

So you have received a notice from the ATO called “Additional tax on concessional contribution (Div 293) notice for 20XX – 20XX.” In my previous article, I explain what this is all about and your options Options when you receive your new Division 293 Tax Notice for Superannuation Contributions

However, some people are still struggling with the process for implementing the option to release the funds from your SMSF.  So here is a quick guide.

Firstly, Don’t ignore the notice or leave it aside to deal with later. You have 60 days to respond and if paying from your super then you must allow time to submit that election and have the ATO write to your fund with instructions to release the payment.

Complete election form online via MyGov

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 Australian Taxation Office listed under Your services when you log in to myGov. This is your starting point to make an election.

To make your election:

  • Login to myGov here myGov (make sure you have your mobile phone handy)
  • Click on the ATO image to access our ATO Online Services.
  • Select the Super tab from the top menu. (usually the second tab)
  • Scroll down to Manage and click on that to get sub-menu.
  • Click on Division 293 election (you may have other elections available – it is essential that you select Division 293 election).

myGov 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.
  • Choose which super fund you want to pay the Div 293 Tax from (Your SMSF should be listed, if not contact your SMSF administrator).
  • Select your SMSF and complete the declaration and Lodge for the election that you would like to complete.

Div 293 ATO confirmation

  • Then wait for the ATO to send you as trustee of your superfund a Notice to pay and remember this may go to your SMSF tax agent or administrator so drop them a quick email to let them know to expect it as you are still on a 60 day deadline!. Do not use the BPAY details on the form that came to you in your personal name

P.S. If you have suddenly discovered you have some other superannuation accounts DO NOT CONSOLIDATE. Check with your advisor first as you may lose insurances, tax deductions, or other benefits you were not aware of that cannot be replaced. Get the full details from the fund first.

Alternative – Complete paper form

If you are unable to complete your election online

Using 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:

Looking for an adviser that will keep you up to date and provide guidance and tips like in this blog? Then why now contact me at our Castle Hill or Windsor office in Northwest Sydney to arrange a one on one consultation. Just click the Schedule Now button up on the left to find the appointment options.

Please consider passing on this article to family or friends or your tax agent! Pay it forward!

Liam Shorte B.Bus SSA™ AFP

Financial Planner & SMSF Specialist Advisor™

SMSF Specialist Adviser 

 Follow SMSFCoach on Twitter Liam Shorte on Linkedin NextGen Wealth on Facebook   

Verante Financial Planning

Tel: 02 98941844, Mobile: 0413 936 299

PO Box 6002, NORWEST NSW 2153

40/8 Victoria Ave. Castle Hill NSW 2154

Corporate Authorised Representative of Viridian Select Pty Ltd ABN 41 621 447 345, AFSL 51572

This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. This website provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.

Leave a comment

Let us know what you think? Have you got a question based on the article? Let me know

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: