A rollover/benefit transfer to a self-managed super fund (SMSF) will be considered a contribution when it comes to the active member-test, the Australian Taxation Office (ATO) said.
The ATO said once a member of an SMSF becomes a non-resident, the SMSF should not receive any contributions, rollovers, or benefit transfers by in respect of the members.
If this does not happen, the SMSF may fail the active member test and may not be a complying super fund.
The test is one of three to see whether a complying super fund has lost its residency status.
Loss of residency means the fund faces a special tax of 47 per cent on the asset value of the fund (less un-deducted contributions).
