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Strategies for satisfying the Australian “residency” tests for SMSFs

Published on 01 Nov 12 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

This article will provide a number of novel strategies for ensuring that self-managed superannuation funds satisfy the Australian residency requirements when members depart Australia for more than two years or if they become non-residents for tax purposes. A fund that fails to satisfy the Australian residency requirements will become a non-complying fund and therefore forgo the beneficial tax treatment pertaining to complying superannuation funds. Furthermore, the fund will be subject to a 45% tax on the entire market value of the funds’ assets in the year it loses and gains its residency.

Author profile:

Rhys Cormick
Rhys is a Law and Commerce graduate, University of Canberra.
Current 1 September 2014
Click here to expand/collapse more articles by Rhys Cormick.
 
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