A farming client was caught in an awkward position of being informed that a pending superannuation liability was due. If this payment was not made then a $248,000 tax penalty would be imposed. The existing bank found it difficult to work around the superannuation policy, hence the client engaged RSP to find a solution.
RSP worked closely with the client and “new” bank to identify all the issues and funding requirements, then custom designed a structure that was palatable to the bank and met all of the client’s needs. The collaboration and support the client felt throughout this process has reinvigorated his belief in banks. Throughout the process, the family had saved $68,000 p.a. on interest alone on their $5,600,000 M facility and avoided the $248,000 tax liability.