MEMBER 58 writes:
“I’m sorry to warn Member 53 - see 2014 TaxVine No 16 (16 May 2014) - that his issue might easily become more problematic.
We recently had a client with similar transfer of a (capital) sum from overseas.
Despite phone calls and letters requesting a short delay while old documents were located, the ATO rushed out a large (and obviously incorrect) Notice of Assessment.
Having no choice, we lodged a Notice of Objection.
Nothing happened for many months, so we served a section 14ZYA Notice, requiring a decision within 60 days.
Shortly before the deadline, the Objection was disallowed.
So we wasted more time and filled up forms for the AAT.
Fortunately, the Legal Services Branch of ATO (names withheld) realised the taxpayer must win this case, and they withdrew the AAT matter agreeing to allow the Objection.
Such a waste of time and resources for everyone, taxpayer, accountant, ATO and AAT, caused by simple failure of ATO process at first instance.
Lastly, we’ll go find a copy of the form to Claim for Compensation, NAT 11669.
I hope Member 53, and many others, get a better outcome.”