A recent client situation has highlighted the benefits of Morrow’s multi-disciplinary structure in achieving excellent outcomes for you, our clients, as well as the value of audit insurance.
Morrows Superannuation was recently approached by a client who had inadvertently exceeded the superannuation contribution limits in an earlier year by a small amount. Due to further contributions in subsequent years, this small error had been compounded and resulted in the ATO threatening to impose a significant excess contributions tax in the tens of thousands.
The Superannuation team spoke with experienced people in the Taxation team and then both teams worked together to make a formal application for the ATO to disregard the small offending contribution.
In the meantime, our Morrows Business Advice team identified that the client had also, on their advice, taken up an offer to purchase audit insurance which meant that there were no further fees for our client.
The outcome was that the application was successful. The client was ecstatic when we delivered the good news that they had saved significant funds as a result of our collaborative efforts and previous advice on audit insurance.