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Hi Rebecca,
A strategy I have implemented for clients overseas with a SMSF is to appoint an enduring power of attorney (usually a resident family member or sibling), this goes towards satisfying the central control and management issue. Please be advised that there are other conditions that you would be required to satisfy in order for your SMSF to maintain it's complying status.Please also be advised that the 28 day rule no longer exists, it hasn't been since the rewrite of the legislation in July 2007.
There is also no requirement that a legal personal representative/power of attorney be approved by the regulator.Cheers
Hi Swany
I have implemented this strategy for a client.
A SMSF can invest in any asset, apart from a few exceptions contained in the legislation via an instalment warrant structure. With regards to arranging for the trust deed to be amended to allow for investments in instalment warrants, it may not be necessary because your existing trust deed may already allow for this kind of investment via a catch all clause. The catch all clause allows the trust deed to remain current even when legislation and regulations are amended.
In saying this it is still advisable that a SMSF trust deed is reviewed and updated every couple of years.Cheers
