** If I have posted this in the incorrect sub category, forum admins, could you please move it to the right area?? **
Iíve only stumbled across the site to be honest and reading what I can, although, with not much success on my particular questions, perhaps not entering in the correct search strings?
My husband and I are in our early 40ís / late 30ís and new to the SMSF world with having just set up our own super fund (esuperfund). Our amount is around 100K at present and recently he was made redundant (ugh - global restructuring!!). Iíve been the home maker for the last 4 years with our 4 children and rolled up all my super into our SMSF (as well as he) Ė of which we are on close to equal standings.
There are a few scenarios we are considering given my husbands redundancy and one of those is to relocate to his home country for an indefinite amount of time (CA).
Iíve been finding out through my research that there are Ďresidency compliance rulesí (bloody hell to put it politely!) such as CM&C decisions, having 1 investment in Australia and some thing else that alludes me right now in order for the ATO to deem our fund to be compliant.
Whilst I understand no advice can be given... but on the off chance of Ďhypotheticalí scenarios / suggestions....from those who perhaps have gone through something similar/considering it/or know of others/or are experienced in this area (???) .... I would appreciate some of your thoughts....
So my questions are:
1. Is there any way, and without transferring our SMSF to an APRA fund, to still be able to keep our SMSF in Australia if and when the time came for us moving overseas?
2. For example, Iíve read that we could add other trustees that reside in Australia to our fund and have them manage the fund as active contributors and have them make all the CM&C decisions etc... therefore being able to keep our fund compliant Ė is this a correct observation and how is this different from an envoked 'power of attorney'?
3. We'd still like to be able to add to our fund even though we would be overseas, however the tax office do not allow this - anyone have any thoughts on a work-around there?
4. From my research, SMSFs have increased in numbers considerably over the last few years, surely we as a whole group can add some pressure to the ATO to get a bit realistic eh?
5. I know my next comment may be laughable but after being a fully fledged tax payer for almost 25 years AND before I was made redundant with my last employer, as a family we receive a miniscule portion from the aust govt classed as Ďfamily tax benefit A and/or Bí .... does anyone have any advice in relation to spousal contributions, Iím considering contributing a portion of our Ďfamily tax benefití that we receive from the Aus Govt into our SMSF while my husband is out of work Ė any recourse/tax implications/problems with doing this? (I thought it was a great idea - the govt contributing to our SMSF!! )
I am cognisant of seeking our own advice etc, however... Iím not too sure if I have worded things correctly above as I am new to our SMSF and getting my head around ALOT of the terminology/acronyms etc...
I'm not at all about screwing the 'system', however our Super money is just that - ours...
... Any thoughts/comments/opinions/constructive criticisms would be REALLY appreciated...:-D