Case study: Saving tax on the transfer assets.
The case for delving a little deeper into a problem.
Our client, Lincoln, had been told by his accountant that he was liable for a $600,000 tax bill for exceeding his contribution cap after rolling over an Eligible Termination Payment in 2007. He was preparing to pay the bill when he spoke to us.
After reviewing Lincoln’s case, we believed there was a misinterpretation of the rules. Affinity Private engaged the necessary expertise to represent Lincoln to the Australian Tax Office, who subsequently agreed with our view and withdrew the claim for excess contributions tax.
Lincoln obviously saved a great deal of money by asking us to look a little bit deeper. The lesson is that it pays to have a partner who not only knows you, but who has an intimate understanding of the legislative landscape.