|SMSF Residency Kit||$1,200|
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 (47% during temporary budget repair levy financial years). 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%.
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 kit includes:
- a detailed decision flowchart to maintain residency status, including strategies for directors
- template letters/emails to potential new Australian resident trustees
- a list of common traps
- much more
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