"Here is another example of my complaint about the Trustees of large funds that don’t care about what is done to members because “that’s how our SYSTEM does it”.
“Alf” came in to do his 2008 tax return - he is 64 - just retired - and happened to have with him his withdrawal details from CLUB PLUS (a $1.2 billion fund). The withdrawal occurred in July 2008 - he was given a PAYG Payment Summary for 2008/09 with $77,691 shown as taxable. When I called the fund to ask why this PAYG Payment Summary had issued, I was told that was their “system” - I said the “system” was wrong and that nothing was taxable and that I wanted the PAYG Payment Summary amended by having it cancelled - why would CLUB PLUS be telling the ATO my client should be disclosing $77,691 of income in his 2009 tax return? CLUB LUS refused to do that for me as it would take a letter from the member to tell them that their system was wrong and for the member to tell them to fix THEIR error.
What can we do to have the ATO or APRA bring the large funds into line???"