In recognition of the major financial impacts of COVID-19 to Self Managed Super Funds (SMSFs), the ATO has extended COVID-19 relief for SMSF trustees for the current financial year as well (FY 2021-22). This is because of many trustees may find themselves or a related party of the fund providing or accepting certain types of relief which may traditionally have given rise to contravention of superannuation laws.
The COVID-19 health epidemic has also led to many countries placing travel bans and restrictions as well as the possibility that trustees have been stranded abroad for lengthy durations, which could impact the status of a funds’ residency status.
Thus, the ATO has extended the following types of relief previously offered in the 2019-20 and 2020-21 financial years to include 2021-22 as well:
- SMSF Residency Relief
- Rental Relief
- Loan Repayment Relief
- In-House Asset Relief
Trustees should ensure that the relief is correctly documented and the approved SMSF auditor is provided with evidence to support it for the purposes of the SMSF audit.