SMSFs and your travel plans   Anyone planning to travel overseas for a long period of time should consider the tax consequences on their Self Managed Superannuation Fund (SMSF). SMSFs that are complying funds receive concessional tax treatment with income being taxed at 15%. In order to remain a complying fund an SMSF must meet the definition of an “Australian resident fund. Among other conditions, one of the requirements is the fund must have at least one resident active member with 50% or more of the accumulated entitlements. An active member is member who is making contributions to the fund or has contributions being made on his or her behalf. If a member becomes a non-resident this can impact the residency status of their SMSF and may result in the Fund becoming non-complying. A non-complying fund will be taxed at the highest marginal tax rate on the market value of the assets within the fund (less undeducted or non-concessional contributions). Tax concessions for future years can also be lost. If you are planning on going overseas and may become a non-resident it is recommended that you seek advice in order to maintain the residency status of your SMSF. If you’d like to know more about your self managed super fund contact your accountant at Morse Group. Written by, Kira Simmons.