I started our GOERMAN FAMILY SUPER FUND in the 2004/2005 tax year - and I've never looked back! The secret is to find the right accountants and administrations. I first went with what seemed to be then a bunch of rookies, Superannution [sic] Accounting Services, whose spelling mistakes were the least of my worries.
In the very first year they overcalculated the superfund's contribution tax by several thousand dollars, and it took me, a former but then very frustrated tax agent, three weeks to teach them their job - click here.
It makes for very dry reading, so just scroll down to their last email:
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4 October 2005 Dear Peter, Thanks for that. I have read the legislation. I think you are right. Deepest apologies, my interpretation of the law was incorrect s274 which says that 15% but then there is this 82AAT which excludes it from being tax (only the deductible amount will be taxed) – the 82 AAT notice thing. Really appreciate that, now I have to go fix up a couple of returns. Really, thank you for this. Really appreciate it. Owe you one. I will forward you an amended return for your signature today. Regards Allan Ong |
I accepted their apologies and their offer of waiving their fees which in my opinion was a small price to pay for perhaps also having saved their business because, as he confessed in a later telephone conversation, he then had to go back and correct a whole lot of other clients' tax returns.
Of course, the next year I took my business elsewhere which became very much an "out of the frying pan into the fire" situation. The local branch of a Canberra outfit, having quoted me a fixed fee, got greedy when they saw the balance of the fund and thought they wanted a slice of the action by tripling their fee on completion of the work. I had to take the matter to the local magistrate for arbitration before they accepted my payment of six hundred dollars to be shot of them.
"All good things come to those who wait" they say, and it came true for me when I went into pension phase and to SUPER-efficient SuperHelp.
That was in 2007, and I have been with them ever since! SUPER-fast, SUPER-efficient, SUPER-friendly! Don't take my word for it, try them!
