The ATO has extended COVID-19 relief for SMSF trustees
The relief measures, which protect trustees from COVID-19 related contraventions of the super laws, now extend from the 2019-20, 2020-21 and 2021-22 financial years.
The relief measures provide:
Residency relief where the pandemic has prevented members from returning to Australia. This measure prevents the SMSF from breaching the residency conditions to be an Australian super fund.
Rental relief where a COVID-19 reduction, waiver or deferral has been provided to a tenant.
Loan repayment relief where relief is provided on commercial terms.
In-house asset relief where the SMSF exceeded the 5% in-house asset threshold at 30 June due to the impacts of COVID-19.
Let's Talk
At Collins Hume we turn our knowledge into great value for you; it’s as simple as that. Contact our team in Ballina or Byron Bay on 02 6686 3000.