"I get very annoyed when the ATO, Treasurer and Government complain about the lack of knowledge of Mum and Dad as Trustees of their own SMSF when the “big guys” know very little as well. My recent experiences this last month:
1. Asset Super not knowing how to acknowledge properly a member’s Notice of Intent to Claim a Deduction.
2. Clearview - Issuing Payment Summaries to pensioners that have turned 60 years of age.
3. Commonwealth Bank’s Officers Super Fund saying a member (who for years has been told he has a 15% Offset to claim) now has no offset shown on the new style Payment Summary because “the member didn’t tick a box on a form” – When I asked for a copy of this magical form, it was a Annuity & Pension Recipient Tax File No. Declaration form from 1994 where Q11 is “Do you want to claim entitlement to a Super Pension Rebate?” (which of course is simply to let the Fund know how to work out what tax to withhold each month) – Apparently by not ticking that box 14 years ago, the Member is not now eligible for the 15% Tax Offset!
4. SAS in NSW (Major Government Fund) - issues a PAYG Payment Summary dated 25.1.08 for an $18,000 lump sum withdrawal made by a 62 year old. When contacted, the Fund said “We weren’t told about the new rules until June 2008, so that’s why a Payment Summary went out in January 2008 under the old system of doing things”. When I looked at the client’s record on the ATO Portal, the $18,000 is sitting there as assessable income so the ATO is presumably expecting him to declare it. When I asked SAS to issue a letter or something to cancel out the incorrectly issued Payment Summary, it was too hard.
They all don’t have a clue so why doesn’t anyone complain about their practices?"