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The ATO has extended COVID-19 relief for SMSF trustees. The relief measures, which protect trustees from COVID-19 related contraventions of the super laws, now extend from the 2019-20, 2020-21, and 2021-22 financial years.
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 on 30 June due to the impacts of COVID-19.