Economic relief continues to roll out for those impacted by COVID-19, with the ATO recently confirming that they will not take compliance action for SMSFs that offer rent reductions to related party lessees.
This long-awaited update provides welcome news for SMSFs, who were faced with the difficult position of being able to offer rental relief to unrelated tenants, but potentially facing audit issues for offering the same to their own businesses.
RSM together with Momentum Wealth discussed the changes to both residential and commercial properties held in SMSFs due to COVID-19.
What was covered...
- Implications of a decrease in value of assets held in SMSF and the ability to contribute again
- Related party rent and related party loans
- How is COVID-19 impacting the residential and commercial property market?
- Which markets are better placed in the short- or long-term?
- What does this mean for the future of property?
Watch the webinar recording:
For more information
If you have any questions or require further information, contact your local RSM adviser today.