SMSF COVID-19 Audit Relief Extended

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.