A hot topic for SMSF trustees during the COVID-19 crises is whether SMSF trustees that hold land can offer rent relief to their tenants, in particular to related tenants, without breaching the superannuation laws.
ATO
Covid-19 rent relief – a practical checklist for SMSFs
The ATO has announced that their compliance approach for the 2019-20 and 2020-21 financial years is that they “will not take action if an SMSF gives a tenant (even if a related party to the fund) a temporary rent reduction, waiver or deferral because of financial effects of COVID-19”.
SMSFs selling geared equities which the Fund borrowed to buy
If your SMSF can’t hold on any longer and must sell a parcel of shares or units which it borrowed to purchase, there are compliance issues which must be remembered, pandemic or no pandemic.
COVID-19: Summary on early release of superannuation
The Coronavirus Economic Response Package Omnibus Act 2020 (“the Act”) received assent on 24 March 2020. Schedule 13 of the Act amends the SIS regulations to make provision for COVID-19 temporary early release of superannuation.
ATO investment strategy guidelines update
The ATO has recently issued new guidelines in relation to SMSF investment strategy compliance. The rules or legislation in this regard have not changed but the ATO has stepped up its documentation requirements.
ATO plays hard with late lodging SMSFs
It seems that the ATO will change the status of SMSFs which fail to lodge their SMSF annual returns by the due date (subject to a 2-week grace period) from “complying” to “regulation details removed”. This will effectively be social exclusion for those SMSFs.
When is a residential property a business real property?
Whether or not a property is business real property is a common question faced by members who own a property personally and want to transfer it to their SMSF.
Related party loan to SMSF – when is a loan not a loan?
John is the sole member of his SMSF and is the sole director of the fund’s corporate trustee. After seeking financial and tax advice on the benefits of owning a property in his SMSF, John decides to sell his investment property valued at $1m to his SMSF.