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SMSF and moving overseas - implications?

Discussion in 'Superannuation, SMSF & Personal Insurance' started by pthm, 28th May, 2008.

  1. pthm

    pthm Well-Known Member

    Joined:
    25th Aug, 2005
    Posts:
    136
    We currently have a smsf. We have heard that if we move overseas for no more than 2 years then we can still keep our smsf in Australia. But, we have also heard that this rule has been relaxed in the 2008 budget. Does anyone know whether this is so? Thanks in advance!
     
  2. Superman

    Superman Well-Known Member

    Joined:
    6th Nov, 2007
    Posts:
    343
    Location:
    Gold Coast, QLD
    ATO has issued a draft ruling regarding this:

    For a self-managed super fund to receive tax concessions, it must be a complying super fund and must satisfy a residency test.
    Residency of self-managed super funds
    Published: 04 Jun 2008

    Options you have if permanently leaving:

    1. Liquidate investments and rollover to a retail / industry fund
    2. Appoint an 'approved trustee'
    3. Put in place powers of attorney specifically covering the decision making /trusteeship of your SMSF

    Discuss options with your adviser / accountant / auditor
    :)
     

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  3. pthm

    pthm Well-Known Member

    Joined:
    25th Aug, 2005
    Posts:
    136
    Thank you, superman, for your reply! I have also received the same ATO draft ruling on the subject. We are waiting to see what comments the ATO will receive on this.