03 Apr 14
More on 10 cents worth of trouble
MEMBER 26 writes in response to Member 24's comments in last week's TAXVINE - see 2014 TAXVINE No 8 (28 march 2014) - about a client accumulating an annual tax liability of 10 cents due to rounding:
"In my case it’s my daughter having a Super Fund account with $1.11 in it – she is 30 years old, and two years ago married a Canadian. She now lives in Canada and has a spousal visa to reside there permanently with her husband.
Every six months the Super Fund sends out 6 pages of a Member Account Statement to account for her $1.11.
What a waste of resources – apparently there is no way to get this money out until she turns 65 or dies."