The COVID-19 relief for SMSF trustees has been extended by the ATO. The relief measures, which protect trustees from COVID-19 related contraventions of the super laws, have been extended for the financial years 2019-20, 2020-21, and 2021-22. 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.