When members of an SMSF move overseas, their super must be managed from Australia or their affairs should be managed in a way that suggests they are only temporarily absent.
Q: I recently inherited a farm from a relative in New Zealand and would like to move there for an extended period of time to see if I could live there. I have a self-managed super fund and understand there is a rule about having to have your fund managed from Australia. Can you explain this and would it make any difference if I still have a family home in Australia that I plan to rent? – Justin.
It gets a bit more complicated, however, when it comes to organising any superannuation saved in a self-managed fund.
Where you can show you are overseas on a temporary basis, says Colley, you can continue to make important material decisions during this time that relate to your fund while you are there. Regarding the two-year temporary absence entitlement, Colley says that in its 2021 budget, the Coalition government proposed extending this to five years.
Organising a trustee to replace you is a strategy you might choose if you wish to give yourself more time to make a decision about whether to stay in New Zealand.It can be achieved by the fund appointing someone who is an Australian resident as a trustee to either replace you or act as a trustee on your behalf.
This will, however, require you to resign as a trustee or director, with your enduring power of attorney being appointed as trustee or director in your place.
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