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Caution for SMSF trustees travelling overseas.

Publication date: 08 Nov 07 | Source: CCH TAX WEEK

Issue: Issue 44 2007

Pages: pp.1-2

A recent audit campaign by the Tax Office has highlighted a critical need for SMSF trustees and advisers to plan carefully before travelling overseas for extended periods, or face potentially devastating tax penalties. The Tax Office has recently issued notices of non-compliance to a number of SMSFs on the grounds that they ceased being "resident" funds. These have been issued even for unintentional breaches as the Tax Office has no discretion in applying the relevant laws.

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Author profile

Daniel Butler CTA
Photo of author, Daniel BUTLER Daniel of DBA Lawyers, is one of Australia’s leading SMSF lawyers and has worked predominantly in the SMSF, tax and related fields for over 30 years. He is a regular presenter on SMSF topics and has published extensively in professional journals including contributing a monthly article on SMSFs to the Taxation in Australia and other media. Dan is a member of the ATO’s Superannuation Industry Relationship Network (SIRN), the Chair of the Tax Institute’s National Superannuation Committee, a member of the Law Institute of Victoria’s Tax Committee, and is involved with a number of other tax and SMSF committees and discussion groups. Dan presents on the subject Taxation of Superannuation at the University of Melbourne’s Master of Laws/Tax program. Dan is also a Specialist SMSF Advisor. - Current at 04 September 2019
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