Part of the transition meant getting his most recent tax return in order. In military style, he forwarded his papers to his accountants in advance so there'd be plenty of time to prepare for no surprises.
What they had to say didn't sit well with Dale, "Despite sending everything to them six weeks beforehand and giving them a personal heads-up of my case, they basically said I was liable for a tax bill."
Fortunately Dale was astute enough to seek a second opinion and had heard good things about Shane Bartrim
at Collins Hume who had done some work for a friend who was a policeman.
Wondering if Dale might be eligible to receive part of his superannuation as a tax-free payout, Shane followed his hunch and delved into a particular part of the Tax Act.
Shane found that, as Dale had already received a payout, the problem lay with the super fund not treating any of the payout amount as tax free. Based on the way the payout was reported, on the face of it, Dale was indeed up to pay tax.
The first step was to talk with Dale's super fund – a notoriously tricky negotiation, especially being a corrective one.
After discovering that their procedures wouldn't allow for such a change, Shane took matters to the top and applied for a private ruling stating Dale's case with the ATO.
The good news is that the ATO's private ruling came back in Dale's favour; instead of an unwanted tax bill, Dale received a very healthy tax refund! Read more…