The following types of COVID-19 relief offered to SMSF trustees for the 2019–20 and 2020–21 financial years have been extended to cover the 2021–22 financial year.
- SMSF residency relief
- Rental relief
- Loan repayment relief
- In-house asset relief
In terms of the rental relief the ATO will be adopting a similar approach to the 2020 determination until they have finalised their decision on the 2021–22 year.
If a SMSF is receiving any of the above relief it must be properly documented, and trustees must be able to provide their approved SMSF auditor with evidence to support it for the purposes of the annual SMSF audit.
For further information on each type of relief and the application processes, click here.
If you would like to discuss any of these options with our office, please give us a call on 03 9584 2277 or email info@vatcpa.com.au.