Estab SMSF from overseas

Discussion in 'Superannuation, SMSF & Personal Insurance' started by milkyjoe, 8th Jun, 2021.

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  1. milkyjoe

    milkyjoe Well-Known Member

    Joined:
    7th Mar, 2019
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    Location:
    Mel
    Hi all,

    I am trying to refresh my knowledge on this.

    As I understand it, a trustee can setup an SMSF if they are living overseas "temporarily" however as a non-resident cannot rollover into an SMSF or contribute.

    If they assign a power of attorney in their place here in Australia, they can establish the SMSF, however still not contribute until they become a resident again. Can it accept a rollover?
     
    milkyjoe, 8th Jun, 2021
    #1
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,555
    Location:
    Sydney
    No. A rollover is a contribution.
    I would also be ascertaining some facts concerning residency and what type of trustee is involved. This may also impact issues. A single member fund canmnot have one trustee. A company might be abble to have a second trustee who is ordinarily resident BUT it may place the SMSF control at peril.

    A non-resident trustee CANNOT act as trustee and cannot sign the SMSF election. The SMSF must be established well ahead. The ATO may even decline approval since they do a non-resdiency check based on DFAT departure information. Its a anti-fraud check all SMSFs undergo.
     
    Paul@PAS, 16th Jun, 2021
    #2