Great question Paul, and certainly one that can impact many. For the SMSF to be a compliant Australian super fund, it must meet three conditions, one of which is that the Central Management and Control are within Australia, which allows for it to be temporarily outside for up to 2 years. You can find out more here - www.ato.gov.au/super/self-managed-super-funds/setting-up/check-your-fund-is-an-australian-super-fund/ It's a good idea to get advice from your Accountant / Tax Agent here to ensure that you don't breach the requirements as the penalties can be particularly severe, and you don't want to see hard-earned superannuation dollars going to waste with unnecessary tax bills.
@@AustralianExpatFinance Thank you for your Quick feedback. Do you believe it is very important to exit the Australian tax system before leaving Australia to live somewhere else. I know some crypto guys that are not worried about this and leaving. I'm trying to do the right thing but I'm only a small fish at the moment. Sorry, Different sort of question here.
@@paulcostello7200 That's a VERY broad question Paul and there is so much to consider. I would always recommend that everyone comply with the tax rules, and ensure that whichever strategy you adopt puts you in the best position financially. Whether it makes more sense to continue paying tax in Australia or exit the Australian tax to pay tax elsewhere varies case by case. This is where I would suggest getting some personal advice tailored to you to ensure that all factors are considered.
If i cut become a non Resident for tax purposes in Australia and move to Europe and live there can i still have a SMSF in Australia for up to 2 years?
Great question Paul, and certainly one that can impact many.
For the SMSF to be a compliant Australian super fund, it must meet three conditions, one of which is that the Central Management and Control are within Australia, which allows for it to be temporarily outside for up to 2 years.
You can find out more here - www.ato.gov.au/super/self-managed-super-funds/setting-up/check-your-fund-is-an-australian-super-fund/
It's a good idea to get advice from your Accountant / Tax Agent here to ensure that you don't breach the requirements as the penalties can be particularly severe, and you don't want to see hard-earned superannuation dollars going to waste with unnecessary tax bills.
@@AustralianExpatFinance Thank you for your Quick feedback. Do you believe it is very important to exit the Australian tax system before leaving Australia to live somewhere else. I know some crypto guys that are not worried about this and leaving. I'm trying to do the right thing but I'm only a small fish at the moment. Sorry, Different sort of question here.
@@paulcostello7200 That's a VERY broad question Paul and there is so much to consider.
I would always recommend that everyone comply with the tax rules, and ensure that whichever strategy you adopt puts you in the best position financially. Whether it makes more sense to continue paying tax in Australia or exit the Australian tax to pay tax elsewhere varies case by case.
This is where I would suggest getting some personal advice tailored to you to ensure that all factors are considered.