NC2020 – C6A – SMSF Residency Issues

This recording was presented at the SMSF Association National Conference 2020 on the Gold Coast by Jemma Sanderson, Director, Cooper Partners Financial Services.

OVERVIEW

SMSFs are a popular structure when considered in light of the Australian superannuation provisions. It is these provisions that can cause issues for SMSF members however when their own residency and the residency of the SMSF are considered. Given the penalty for an SMSF ceasing to be an Australian superannuation fund is punitive, it is imperative that as advisers we are aware of how the rules operate and alerting clients to the risks and the strategies to mitigate those risks. In this session, Jemma explores:

• The legislative framework and the areas that the biggest issues are encountered;
• How the “safe harbour” in TR 2008/9 operates;
• You’re in or you’re out – the lack of discretion regarding the active member test;
• What are “high level” decisions?
• How to manage the risks
• Other considerations and strategies with respect to the definition of an Australian Superannuation Fund.

LEARNING OUTCOMES

The recording will provide participants with knowledge and understanding to be able:

1. To identify the components of the definition of an Australian Superannuation Fund and when they may be breached;
2. To consider strategies to mitigate the risk for international SMSF members;
3. To understand and apply the safe harbour guidance. "

Details

Knowledge Area:
Taxation
CPD Hours:
1

Speakers:

Jemma Sanderson SSA

Jemma Sanderson is a Director of Cooper Partners Financial Services, heading up their SMSF specialist services. Jemma has over 16 years experience in providing strategic advice on SMSFs, estate planning and wealth management to clients, as well as technical support to accounting, legal and financial planning groups. Jemma has a Bachelor of Commerce from UWA and is a Certified Financial Planner, a Specialist Member of the SMSF Association (SMSFA), Chartered Tax Adviser and Trusts and Estate Practitioner. Jemma is a regular presenter on superannuation and SMSFs for the Taxation Institute, Institute of Chartered Accountants, CPA and SMSFA across Australia, and is the author of the popular publication “SMSF Guide”, published by the Taxation Institute, currently in its seventh edition.