National Conference 2020
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 will explore:
- 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, and;
- Other considerations and strategies with respect to the definition of an Australian Superannuation Fund.
At the end of the session, you will be able to:
- Identify the components of the definition of an Australian Superannuation Fund and when they may be breached;
- Consider strategies to mitigate the risk for international SMSF members, and;
- Understand and apply the safe harbour guidance.
The contents of this resource are taken to be correct at the time of publication.
Disclaimer: Technical Papers contain factual information only and are prepared without considering particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. The information contained in this document does not constitute advice given by the SMSF Association to you. If you rely on this information yourself or to provide advice to other persons, then you do so at your own risk. The SMSF Association is not licensed to provide financial product advice, legal advice or taxation advice. We recommend that you seek appropriate professional advice before relying upon the information in this technical paper. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this paper is not considered financial advice for the purposes of the Corporations Act 2001. © SMSF Association