Distributing assets when winding up a SMSF???

[Ouch]

To keep your smsf compliant if you go overseas for more than 2 years see Example 1 and Example 4 of ATO SMSF Ruling 2010/2. Basically you will need to appoint an Australian resident individual under an enduring power of attorney (EPoA) to act as a trustee in the non-resident member's place to satisfy the central management and control of the fund is ordinarily in Australia test. The other two requirements are not as problematic.

I'm not a lawyer or accountant and as others have advised speak to the experts.

 

[Clawhammer]

By valuing & selling as a whole and diving up the proceeds as cash you make life a hell of a lot easier.

If the members are a married couple then being forced to liquidate the assets would make no sense at all, other than to artificially create an opportunity for the mafia to tax the fumd one last time for old times sake.

I didn't mean 'make it easy for you' :lol:

 

[AngloSaxon]

Ouch and Willrocks are on the right path - accountants familiar with super probably won't respond to this thread as it's mostly a rant that repeats ad nauseum.

Super is meant for people staying here, not for fly by night residents who flee off to somewhere else. It's a system designed for retirement here in Australia, that requires planning and fortitude. How old are you, start planning and investing, instead of raging against every machine out there. You'll get the money in retirement if you live that long.

I've paid into the UK's National Insurance scheme but don't live there so won't ever be drawing a pension from it. I sleep soundly at night rather than scream and rage. I've just accepted it's some currency I won't ever get. However, here, now, in Australia, I plan for my retirement and know the rules to find how best I may grow my capital. I urge you to do the same.

Isn't that planning why you're a stacker anyway???

 

[lurk@l0t]

Ouch and Willrocks are on the right path - accountants familiar with super probably won't respond to this thread as it's mostly a rant that repeats ad nauseum.

Super is meant for people staying here, not for fly by night residents who flee off to somewhere else. It's a system designed for retirement here in Australia, that requires planning and fortitude. How old are you, start planning and investing, instead of raging against every machine out there. You'll get the money in retirement if you live that long.

So if super is meant for people staying here then why steal the super of those who wish to leave Australia permanently?

Its compliant sheep like u who enable the welfare state to steal an ever increasing part of the private wealth and earnings of Australians. You've been brainwashed into being a good little socialist from the cradle already.

You may be happy to have 10 to 20% of your earnings stolen by the mafia over and above the 40 to 50% they already steal but dont expect free thinking individuals to share your delusional grandeur of our socialist 'paradise' here :lol:

 

[Caput Lupinum]

So go rebel against the system if you're so against it instead of being a belligerent forum hero. Liquidate the SMSF assets and put the money into your personal account and take off overseas.

 

[lurk@l0t]

It's easy really. Take up citizenship in another country. Renounce your Australian citizenship. Come back here on a temporary visa, then leave with your departing Australia superannuation payment (DASP).

Yeh that sounds very easy ... thanks!

 

[lurk@l0t]

So go rebel against the system if you're so against it instead of being a belligerent forum hero. Liquidate the SMSF assets and put the money into your personal account and take off overseas.

Wow! Why didn't i think of that?? :lol:

 

[AngloSaxon]

You may be happy to have 10 to 20% of your earnings stolen by the mafia over and above the 40 to 50% they already steal but dont expect free thinking individuals to share your delusional grandeur of our socialist 'paradise' here :lol:

Thankyou, I'm far from a socialist. I've spent some time away from the forum but upon returning I've noticed your uncompromising aggressive and hostile comments directed at all and sundry.

While yes I'm having my SMSF taxed at 15%, I'm aware of the superannuation rules and am using them to my benefit: growing the nest egg of myself and my family so that when we retire there will be passive income to support all of us/. And if we play our cards right, can grow a management business in allied assets so that we can transition away from being wage slaves.

How are YOU planning for your future, other than complaining that such and such is not fair.

 

[lurk@l0t]

You may be happy to have 10 to 20% of your earnings stolen by the mafia over and above the 40 to 50% they already steal but dont expect free thinking individuals to share your delusional grandeur of our socialist 'paradise' here :lol:

Thankyou, I'm far from a socialist. I've spent some time away from the forum but upon returning I've noticed your uncompromising aggressive and hostile comments directed at all and sundry.

While yes I'm having my SMSF taxed at 15%, I'm aware of the superannuation rules and am using them to my benefit: growing the nest egg of myself and my family so that when we retire there will be passive income to support all of us/. And if we play our cards right, can grow a management business in allied assets so that we can transition away from being wage slaves.

Really? And you actually believe this drivel after all the tinkering and meddling which the guvmunt (both ALP and Lib) has done to prevent individuals from accessing their super before they're half dead!?
Examples:
1. Before when one emigrated then one could cash out their super and use this money as they saw fit (emigrating usually has a financial toll!). The guvmunt has changed this now so that emigrating still leaves ones super captive of the ATO and any and all new stupid little laws the guvmunt might make long after one has emigrated to make sure he/she never sees one cent of that super!
2. The age at which one may cash out super has now been changed from 55 and is being gradually changed to 60. (those born after 1964 will have to be 60). And it's clear from the murmerings that this age is open game to be pushed up even higher in the near future again!
so in other words for us younger generation, we are simply tax fodder for the guvmunt and we will never get to enjoy the fruits of our own super.
at least not while we're young enough to actually do something with it!

Your pipedreams of your super are totally delusional mate. You wont see one cent of your super along with the rest of us!
whether you stick with this sinking ship of move overseas... :lol:

 

[smk762]

I'm always mildly amused by those who want freedom from the financial system's rules, yet still want to live with the benefits of a financial system.
If you want freedom, stop measuring things in dollars and start figuring out how to live a simple and "uncivilized" life.

 

[AngloSaxon]

Really? And you actually believe this drivel after all the tinkering and meddling which the guvmunt (both ALP and Lib) has done to prevent individuals from accessing their super before they're half dead!?
Examples:
1. Before when one emigrated then one could cash out their super and use this money as they saw fit (emigrating usually has a financial toll!). The guvmunt has changed this now so that emigrating still leaves ones super captive of the ATO and any and all new stupid little laws the guvmunt might make long after one has emigrated to make sure he/she never sees one cent of that super!
2. The age at which one may cash out super has now been changed from 55 and is being gradually changed to 60. (those born after 1964 will have to be 60). And it's clear from the murmerings that this age is open game to be pushed up even higher in the near future again!
so in other words for us younger generation, we are simply tax fodder for the guvmunt and we will never get to enjoy the fruits of our own super.
at least not while we're young enough to actually do something with it!

Your pipedreams of your super are totally delusional mate. You wont see one cent of your super along with the rest of us!
whether you stick with this sinking ship of move overseas... :lol:

A) Thankyou I'm well aware of the rules on super - as I'm forced to repeat myself - I'm an SMSF trustee and well aware of the raising of the age it may be received at. Are YOU one of those Greek socialists that wants to retire at 54, then live on until 80+ and mostly on the public purse? Because that's where it sounds like you're going, even if you've never heard of that before.

B) I care not about people who emigrate. They are no longer Australian and no longer enjoy the privileges of living here. Harsh? Yes.

C) Of course the age super payments start will raise as life expectancy raises, otherwise people will outlive their super or other retirement savings. I don't think you understand what retirement is. My view of it is many decades where you don't work, requiring saving and planning for many decades prior. You harp on and on about wanting the money now. Give it up.

we are simply tax fodder for the guvmunt

You sound like you think you're the first person EVER to take the blue pill and awaken from the matrix. You're not. You're not special, you're not unique because you've come into possession of secret knowledge. All you've done is come to a similar realisation that most of us on this forum came to years ago, myself included. One day, maybe, this free country may return to actual freedom, and it will take a lot of work that I will contribute. But if that day never comes people need to plan, save, innovate, learn, and generate income both today and in the future to pay their way. All the posts you've made across two threads of what until now has been a very civil section of the forum just reveal you to all readers as snobbish, rude, immature and impatient.

 

[lurk@l0t]

I'm always mildly amused by those who want freedom from the financial system's rules, yet still want to live with the benefits of a financial system.
If you want freedom, stop measuring things in dollars and start figuring out how to live a simple and "uncivilized" life.

I'm always mildly amused by those who pretend to know what real freedom is all about, yet all the while firmly believe that governments should be interfering/meddling in the economy as well as the private finances of citizens.

 

[lurk@l0t]

.

 

[smk762]

I'm always mildly amused by those who want freedom from the financial system's rules, yet still want to live with the benefits of a financial system.
If you want freedom, stop measuring things in dollars and start figuring out how to live a simple and "uncivilized" life.

I'm always mildly amused by those who pretend to know what real freedom is all about, yet all the while firmly believe that governments should be interfering/meddling in the economy as well as the private finances of citizens.

Remind me where I espoused a belief in governmental interference? Freedom is in your mind mate, not your wallet.

 

[lurk@l0t]

I'm always mildly amused by those who want freedom from the financial system's rules, yet still want to live with the benefits of a financial system.
If you want freedom, stop measuring things in dollars and start figuring out how to live a simple and "uncivilized" life.

I'm always mildly amused by those who pretend to know what real freedom is all about, yet all the while firmly believe that governments should be interfering/meddling in the economy as well as the private finances of citizens.

Remind me where I espoused a belief in governmental interference? Freedom is in your mind mate, not your wallet.

U just seem overly smug with the current system which implies an acceptance of guvmnt meddling.

And the freedom bit being in your mind and not your wallet is utter bullshit. According to your definition then u could be free in prison then!

Useless clich ...

 

[smk762]

Not my place to argue with your perception of my level of smugness, but it's a stretch to infer an implied support of government intervention. I see you've downgraded the accusation to acceptance though, which I can live with. Doesn't mean I like it, just means it is what it is. I used to rally against it with a poor me attitude as a teenager, and some of that ethos laid the foundations for my present philosophy, but I long ago realised that if you're forced to play the game it's best to know the rules, turn them to advantage where possible and avoid being stung by them where you can. Getting worked up about it and ranting might keep you occupied and fuel the neurochemical secretions you feel the need for to pass the time, but it really won't get you anywhere.

I'll let you grow your consciousness at your own rate. All I'm saying is that if you want to define freedom within the narrow confines of a predefined system, then the rules of that system apply. If you measure freedom in purely material and physical terms, then you might live in a comfort, but your mind is still shackled to the value of your possessions and those who seek to deprive you of them.

Nothing is useless, there's only people who are unable to find use for it. Your mind is the hardest thing for them to imprison, but a majority of people guard the walls they've heard about all by their self and the limits of their perception.

 

[mmm....shiney!]

If you want freedom, stop measuring things in dollars and start figuring out how to live a simple and "uncivilized" life.

Money is a tool that assists one in living a civilised life, it provides a medium to exchange value - money aids freedom.

 

[smk762]

If you want freedom, stop measuring things in dollars and start figuring out how to live a simple and "uncivilized" life.

Money is a tool that assists one in living a civilised life, it provides a medium to exchange value - money aids freedom.

It sure doesn't hurt, it's the lube that smooths the path. Having it allows more options and comforts. On the flipside, if over-expending your energy in the pursuit of it to the extent which it defines you is effectively locking yourself in a gilded cage.
Many of us trade our daily freedom for it, and then trade it for items that fail to enrich us or the world at large. We become slaves to the objects we accumulate, upgrading, insuring and maintaining in conformance to a hollow perception of status which enriches those who promote the material ideal. Meanwhile environments are destroyed, wars are waged, landfill expands, narcissism breeds and human suffering continues.

I have no issue with money, but it is not a god. Those who worship it rather than see it as a tool to achieve constructive purpose are no better than any other religious fanatic.