Strategies for satisfying the Australian residency tests for SMSFs
Source: Taxation In Australia Journal Article
Published Date: 1 Nov 2012
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.
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Details
- Published By: Rhys Cormick
- Published On:1 Nov 2012
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
Copyright Statement
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags
Share this page