COVID-19 relief

Due to the impacts of COVID-19, the ATO have provided some additional instructions for reporting that is specific to the 2019–20 and 2020–21 financial years. part of the Auditor’s contravention report (ACR) they provide guidance around how auditors can determine whether a fund has complied with the super laws and when contraventions should be reported to ATO specificaly regarding rental relief to tenants, limited recourse borrowing arrangements (LRBA) repayment relief, in-house asset relief and the new compassionate grounds of release due to COVID-19.

More information regarding the changes to the ACR and SMSF IAR instructions with COVID-19 can be found on the ATO’s website.

Contact MNSA today to enure that your fund is complying with the additional contravention reporting specific to the 2019–20 and 2020–21 financial years.

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