Private ruling: Residency of a superannuation fund
Date of advice: 6 February 2020
Published: March 2020
Ruling period: Year ending 30 June 2020
Date scheme commenced: 1 July 2019

Ruling: Q1: Will the Fund be an Australian superannuation fund for the purposes of subsection 295-95(2) of the Income Tax Assessment Act 1997 (ITAA 1997)? | A1: Yes. The Fund will satisfy the three tests in subsection 295-95(2) of the ITAA 1997 to be an Australian superannuation fund. The Fund was established in Australia. The central management and control will ordinarily be in Australia. The Fund will have no active members.

Relevant facts and circumstances: The Fund is a self managed superannuation fund which was established in Australia. The Fund is a single member fund with a corporate trustee. The corporate trustee has two directors, the member and another person. The member relocated overseas during the year ending 30 June 2020 for a period of at least three (3) years and potentially longer for work. The member has been accompanied by their family and established a permanent home overseas. The member will not be a resident of Australia for income tax purposes. The member has granted a relative a Power of Attorney. The relative will replace the other person as a director of the corporate trustee. The constitution of the corporate trustee allows a director to delegate their duties and powers. The strategic and high level decision making processes and activities of the Fund will be carried out in Australia by the relative. The member will not be involved in these activities. The Fund will have no active members.