SMSF Residency Kit

Overview

DBA Lawyers offers an SMSF residency kit that arms trustees or advisers with information and strategies to ensure SMSFs are armed to satisfy the residency requirements, which are more technically known as the Australian superannuation fund definition.

The consequences of an SMSF failing the residency rules can be automatic non-complying status. This will broadly mean the entire amount of the SMSF’s assets, less non-concessional contributions, are taxed at 45% in the year of non-compliance. The result of this is to effectively strip the fund of tax concessions it would have had over the years. For every later year of non-compliance, the income tax rate of the fund is 45%.

What’s included:

• Detailed explanation of the issues and operation of law
• What should be done to plan for residency issues
• Practical tips and examples
• Trustee resolutions
• This SMSF Residency Kit provides a single license for multi-use by the same SMSF for a 12 month period (eg, to document a number of strategies for the same SMSF)

For more information and related articles

For more information:

• Ensure an SMSF meets the residency tests
• International issues facing SMSFs today