I have a SIPP where the assets are currently tied into a Wealth Platform for an agreed period, i.e. I can't withdraw or transfer without significant penalty. If I transfer the Deed of Assignment from the UK trustee to my QROPS compliant SMSF Trustee now, what are my obligations to the ATO with respect to declaring assets, value, reporting, etc.?
I'm not requesting to transfer the assets to Australia now for the reason mentioned. I'll bring those across later at which point I would expect to pay my 15% superannuation tax.
I've had conflicting advice on this. 1. As no "rollover" will occur the assets do not need to be included in tax returns until that occurs. 2. I need to advise ATO somehow and have been pointed to ATO form NAT 11724, but this, to me, looks like a rollover request and is not sent to ATO. It's for me as bond (pension) holder to tell my SMSF I want to transfer my overseas assets in and my tax agent would include them in subsequent tax returns, but that's not what I want to do.
So is the Deed transfer considered as onshoring the assets from that point?
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