Jack and Jill are a married couple who run their own SMSF and are its only trustees.
Question:
Jack and Jill are a married couple who run their own SMSF and are its only trustees. They both worked as employee financial advisers. In July 2017, they quit their jobs and moved to Singapore, where they hoped to set up and successfully run their own financial services firm. They planned to live in Singapore for many years and send their children to school there. When leaving Australia, they rented out their Australian home, sold their other Australian assets, and purchased an apartment in Singapore. They enrolled their children in school there. However, their Singaporean business was unprofitable. This was only made worse due to the COVID situation in 2020. As a result, they move back to Australian in June 2020. While in Singapore, they would often have meetings making decisions about the SMSFs investment strategies.
Discuss whether for the 2019-20 financial year the ‘central management and control’ of Jack and Jill’s superannuation fund was ‘ordinarily in Australia’ for the purposes of s. 295-95 ITAA 1997.
Introduction to Probability
ISBN: 978-0716771098
1st edition
Authors: Mark Daniel Ward, Ellen Gundlach