SMSF COVID-19 Audit Relief Extended
The Australian Tax Office has extended its relief measures for SMSF trustees.
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.
If your SMSF has been impacted by any of the reasons above, talk to your accountant about how these measures may be applied to your trustees. Contact us on 02 9957 4033.