SMSF Association Submission
The SMSF Association congratulates the Australian Taxation Office (ATO) on their consultative and quick response to the various issues and concerns for the SMSF sector arising from the economic implications of the COVID-19 pandemic health crisis.
The first submission to the ATO (dated 23 March 2020) we have highlighted issues of most concern for the SMSF sector including:
- Lodgement deadline for SMSF annual returns,
- Rent concessions,
- Consideration for in-house asset breach relief,
- Potential impact of a macroeconomic shock on Transfer Balance Caps,
- Implementation and administrative issues.
In the subsequent submission to the ATO (dated 1 April 2020) we have reiterated requests for ATO guidance in relation to:
- Related party loan relief,
- Non geared unit trusts,
- Practical application of signature relief.