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Flawed member data created during the formation of Media Super saw some accounts of one of the preceding funds, JUST Super, hold duplicate records without tax file numbers (TFNs), causing some member contributions to be taxed at the full marginal rate in the 2007-08 financial year. After the creation of Media Super in 2008 from the merger of JUST Super and Print Super, the trustee found that some member accounts held duplicate records – one with a TFN advised and another without – that resulted in some contributions being taxed an additional 31.5 per cent.
John Hamer, the Australian head of Nicholas Applegate, the San Diego-based equities and bond manager, got the phone call about 30 minutes before he was to have an important meeting with his largest client, AMP. Both his sales office in Sydney and the client service office in Melbourne were to be closed with just a few days notice.
It takes a lot to shock someone in the superannuation industry these days, but Jeremy Cooper did the trick with his address to the ASFA luncheon in Sydney last month. 
