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I have a badly managed smsf which is holding up my pension…

Customer Question
I have a badly...

I have a badly managed smsf which is holding up my pension from centre-link. I feel a need to speak to solictor as to legally stand I where stand with the present status.

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Victoria

Lawyer's Assistant: Has anything been filed or reported?

I have spoke to my local member, centre link, the taxation department, accountants etc. and i have got satisfaction.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I went through a business liquidation and bankruptcy around 2003 and that has been the cause of my problems.

Submitted: 1 month ago.Category: Australia Law
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Answered in 5 hours by:
1/9/2018
Solicitor: John Melis, Lawyer replied 1 month ago
John Melis
John Melis, Lawyer
Category: Australia Law
Satisfied Customers: 1,734
Experience: Principal Lawyer at Legal AU Pty Ltd
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Dear customer, my name is***** solicitor in Melbourne, thank you for using Just Answer, I will assist with your question today.

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Solicitor: John Melis, Lawyer replied 1 month ago

tell me what happened ?

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Customer reply replied 1 month ago
P J Law & Co Pty Ltd Trustee<Peter & Barbara Super Account> went into liquidation 2003, followed by bankruptcy.
Peter Law became a bankrupt on 10/2/2006 and were discharged from this 11//2/2009. Barbara Law became a bankrupt 5/7/2007 and were discharged 6/7/2010.
The above smsf remains under P J Law & Co Pty Ltd as Trustee. The smsf has a small package of Woolworth shares which has survived by no share trading and with a dividend re-investment arrangement with franking. The fund has not had a bank account since 2003. Taxation returns were done up to 2007 and after that subsequent accountants have been unable or not interested in doing the returns. There have been four accountant firms that have had in the too hard basket without success.
I hQave reached retirement at 75 years of age and applied for the pension March 2017. I was told by centrelink it would take 6 to 7 weeks to come through, it is now 42 weeks, and still no pension or pension bonus scheme. Centrelink will not process the pension until I have provided 2016 returns for the SMSF. The ATO require a roll over of 2007 to 2016 returns, and has now cancelled the smsf Tax File Number. Comsec will sell the shares and issue a cheque made out to P J Law & Co Pty Ltd which I cannot bank. Approximate value of smsf portfolio is $16,000.00.
Questions are:-
Peter and Barbara Law are the beneficiaries of the smsf how can we legally realise on the assets?
What is the impact of the cancellation of the smsf Tax File Number?
At the suggestion of one accountant I presented Comsec with minutes of meeting requesting the smsf be changed to that of the beneficiaries in lieu of P J Law & Co Pty Ltd. This was declined, on what basis? Could it be done another way in an endeavour to setup a new bank account?
What else can be I do to make the problems go away?
Solicitor: John Melis, Lawyer replied 1 month ago

Peter and Barbara will not benefit as the SMSF went into bankruptcy.

if here is anything left after the creditors have taken the share, that amount may be claim by the beneficiaries

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