Last month I wrote about a couple who were planning to travel overseas for three years and, while away, they wanted to continue running their business and their SMSF. You can read that article here.
They wisely chose to ask the ATO if their SMSF would retain its residency status while they were out of Australia on holidays.
This was an important question for them because if the fund was a non-resident super fund it would be taxed very heavily. In the first year a fund becomes non-resident, the Government would take almost half the assets of the fund less non-concessional contributions in tax.