COVID-19 relief extended for SMSF trustees
The ATO has extended COVID-19 relief for SMSF trustees to the 2021-22 financial year.
The announcement provides certainty for the SMSF industry that the ATO will not take compliance action against SMSF trustees where they have to provide or accept certain types of relief, which may give rise to contraventions under SIS.
The concessional treatment applies to:
- SMSF Residency Relief
- Rental Relief
- Loan Repayment Relief
- In-house Asset Relief
The ATO has emphasised that the relief must be properly documented, with all supporting evidence provided at audit, to demonstrate that the relief has been offered on commercial terms.
Please see the ATO's full guidance via this link - https://www.ato.gov.au/Super/Sup/COVID-19-relief-for-SMSF-trustees-extended-to-2021-22-financial-year/?mc_cid=be3bd1dad7&mc_eid=c0bae408de
If you have any questions regarding how the relief may apply in your circumstances, please don't hesitate to contact us.
