Follow my blog with Bloglovin It is very important that your SMSF meets the residency test because the consequences of non-compliant status can be harsh. If in case, your SMSF fails the residency test requirements, you as an SMSF owner will have to pay the tax at the rate of 45% on the entire amount of SMSF asset less non-concessional contributions in the non-compliant year (the tax rate was increased to 47% during temporary budget repair levy financial years of 2014-2015, 2015-2016 and 2016-2017). The non-compliant status of the fund strips it essentially from all the tax concessions it had for years. Read more about this topic visit website
Accounting, Taxation, Bookkeeping, smsf audit