Interesting.
'As a guide, CMC is ordinarily in Australia at a time even if the CMC is temporarily outside Australia for a period of not more than 2 years.
Some factors that might demonstrate that the absence is not temporary include:
- family home in Australia being sold
- new home being purchased in the overseas location
- no return flight being booked'
The advice I had from the ATO was as follows;
As long as I returned to AUS for at least 31 calendar days, every two years, and I retained my home and bank accounts in Aus, then I would not fall foul of the regulations. It was also helpful to have family and close family connections in Aus to establish ones domicile. It is a complex area and domicile starts to become a big concern. I would agree that if you sold your house, closed down various bank accounts, had no family ties, and stayed out of the country for a continuous 2 years plus, then you would be on very thin ice and probably in breech of the control aspects of running a SMSF with individual trustees.
I have found the ATO to be very reasonable if one applies for a private ruling around any matter of concern. They will actually attempt to help you in wording the application correctly.
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Interesting. 'As a guide, CMC is ordinarily in Australia at a...
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