The Australian Taxation Office (ATO) has recently provided advice to remind the SMSF industry that the COVID-19 relief and support that was offered to SMSFs financially over the past few years ended on 30 June 2022. For the 2019–20, 2020–21 and 2021–22 income years the Commissioner had offered to SMSFs: residency relief rental relief (including…
Due to the ongoing financial effects of COVID-19, a number of SMSF have continued to find themselves in a position where they, or a related party, are having to provide rental deferral relief to tenants. For example, in Victoria the current Commercial Tenancy Relief Scheme remains in place until 15 January 2022. As a result…
As various states and territories continue to navigate their way out of the pandemic, it was becoming abundantly clear for the Regulator to extend the relief for a number of SMSF COVID-19 relief measures that were previously granted for the 2019-20 and 2020-21 financial years. We have now seen the ATO publish an update confirming…
The Victorian Government has recently announced that eligible businesses will be able to benefit from rent relief if they have experienced a loss in turnover of more than 30% during the pandemic, with the introduction of the Commercial Tenant Relief Scheme Act 2021 (“the Act”). It is currently understood that the Act will align with…
As parts of Australia work through further periods of lockdown, the Australian Banking Association (ABA) has once again provided an update as to how banks will continue to support customers in NSW and Victoria with loan deferral support. Throughout the COVID-19 emergency period in 2020, the ABA provided loan repayment relief, whereby borrowers were provided…
