Are you ok? Do you need help? These two questions have never been so important.
Please get in contact if I can be of any help on any SMSF matter.
The ATO have advised that their compliance approach for the 2019–20 and 2020–21 financial years will be to not take action where an SMSF gives a tenant – who is also a related party – a temporary rent reduction during this period.
This is welcome news and in my opinion a commonsense approach.
I would still suggest Trustees follow the steps outlined last week to fulfil their duty of care obligations and to show the ATO’s relief was not taken unfair advantage of.
To get in touch, please contact our office on 1300 TRISUP or head to our website for further information.