At Smarter SMSF we believe

‘smart people sticking together.’

Whilst at this time we need to remain at some distance between us due to COVID-19, it doesn’t stop us in sharing valuable resources with you to assist in responding to the economic crisis that is the coronavirus pandemic.

This page provides references to timely, trusted and accurate information across blog posts, Government fact sheets, Australian Taxation Office (ATO) FAQs.  Furthermore, Smarter SMSF has a range of training and documents available for access via our platform to assist you to navigate through these uncertain times.

COVID-19 SMSF Resources

The following is a list of valuable resources about the Federal Government’s economic response, details of the ATO’s response to support trustees and professionals, along with details of training, blog posts and more from Smarter SMSF.

Links

Australian Government | The Treasury

Economic Response to the Coronavirus

 

Australian Taxation Office

COVID-19 FAQs for self-managed super funds

Watch the webinar

This webinar explores the various concessions provided to SMSFs by the Australian Taxation Office due to COVID-19.

 

Recorded on 7 April 2020

Watch the webinar

This webinar explores the documents that are required to support the decisions various decisions by SMSF trustees due to COVID-19.

 

Recorded on 19 May 2020

Smarter news from the blog

Read some of our latest blog posts on coronavirus matters than are impacting the SMSF sector.

COVID-19 SMSF documents

The following list of documents have been designed specifically in response to the Government’s economic response, along with ATO guidance on various technical matters.  We are regularly updating the list of available SMSF documents, including integrations with BGL and Class.

The Australian Taxation Office (ATO) through its COVID-19 web page offers relief for trustees who need to provide their related party a rental abatement or reduction for a period of time.  The Regulator will not applying compliance resources towards such an arrangement where the tenant has been impacted by the financial impacts of COVID-19 for the 2019-20 and 2020-21 financial years.

When you order on the Smarter SMSF platform you will be providing with the following documents (PDF):

  • Information memorandum
  • Request by the Lessee for rental assistance due to COVID-19
  • Trustee Minute outlining the decisions of the Fund as Lessor
  • Letter from the Lessor to the Lessee confirming the rental abatement or reduction.

AVAILABLE NOW

‘Free’ until 30 June 2020

You can login and order these documents via a subscription package or alternatively can purchase on a PAYG basis (normally $220, incl. GST).  You can contact at team@smartersmsf.com should you wish to access the document template under license for multiple clients.

The Australian Taxation Office (ATO) through its COVID-19 web page offers relief for trustees who have a limited recourse borrowing arrangement and are seeking loan repayment relief for a period of time.  The Regulator will not applying compliance resources towards such an arrangement where relief is negotiated with a related party or another lender due to financial impacts of COVID-19 for the 2019-20 and 2020-21 financial years.

When you order on the Smarter SMSF platform you will be providing with the following documents (PDF):

  • Information memorandum
  • Trustee Minute outlining the decisions to apply for LRBA loan repayment relief from the lender
  • Request by the SMSF to the lender for LRBA loan repayment relief due to COVID-19
  • Details from Lender (where related party) of loan repayment relief being provided to the SMSF

AVAILABLE NOW

‘Free’ until 30 June 2020

You can login and order these documents via a subscription package or alternatively can purchase on a PAYG basis (normally $220, incl. GST).

The Federal Government as part of its Coronavirus economic response is provided individuals with temporary early release access to their super, up to $10,000 for both the 2019-20 and 2020-21 financial years.  Eligibility criteria applies.

Where an individual has applied to the ATO and the Commissioner has made a determination for the trustee to pay an early release amount under compassionate grounds (due to COVID-19), you can generate the following documents from Smarter SMSF platform to document the process:

  • Member notice requesting early release payment as lump sum;
  • Trustee minute for payment of early release payment
  • Trustee notification to member for early release super payment.

AVAILABLE NOW

‘Free’ until 30 June 2020

Individuals are able to apply for an early release amount using their myGov account from Monday, 20 April 2020.  These documents should be ordered once the Commissioner has made a determination granting the payment on compassionate grounds due the coronavirus.

You can login and order these documents via a subscription package or alternatively can purchase on a PAYG basis (normally $77, incl. GST).

The Australian Taxation Office (ATO) through its COVID-19 web page offers relief to pension members by providing a 50% temporary reduction on the minimum pension to be withdrawn for the 2019-20 and 2020-21 financial years.  As a result of this change, a member may seek to change the form in which benefits may be taken that are above the minimum pension.

When you order on the Smarter SMSF platform you will be providing with the following documents (PDF):

  • Trustee minutes of revised minimum pension for either a pension commenced during 2019-20 or for an ongoing income stream
  • Request by the member in respect to treating above minimum pension amounts (as either lump sum or commutations)
  • Trustee acceptance of treatment for above minimum pension amounts

AVAILABLE NOW

You can login and order these documents via a subscription package or alternatively can purchase on a PAYG basis for $99 (incl. GST).  You can contact at team@smartersmsf.com should you wish to access the document template under license for multiple clients.

The effect of COVID-19 will have much more than a financial impact on many individuals, which will unfortunately include people who succumb to ill-health, either physically or mentally.  Where adequate salary continuance is in place, the SMSF may be able to pay a temporary incapacity income stream to help substitute the loss of income for the individual.

When you order on the Smarter SMSF platform you will be providing with the following documents (PDF):

  • Request to commencement a temporary incapacity super income stream
  • Trustee resolutions confirming the payment, along with the conditions of the temporary incapacity super income stream
  • Trustee notification to the member for the payment of the temporary incapacity super income stream
  • Product Disclosure Statement (PDS)

AVAILABLE NOW

You can login and order these documents via a subscription package or alternatively can purchase on a PAYG basis for $198 (incl. GST).

With many businesses feeling the effects of COVID-19, an SMSF can either invest in or provide a loan to a related entity (e.g. company or trust) within the allowable 5% in-house asset (IHA) threshold.

The following documents will be generated as part of the completed order:

  • IHA Loan Facility Agreement
  • Trustee Resolution
  • Notice of Loan Facility Agreement
  • Draw down Notice for Advance from the Loan Facility

AVAILABLE NOW

You can login and order these documents via a subscription package or alternatively can purchase on a PAYG basis for $330 (incl. GST).

An SMSF invested in residential property may have a tenant who is unable to pay their current rental amount and may seek temporary relief – either through negotiation or via a state or territory legislated code.

When you order on the Smarter SMSF platform you will be providing with the following documents (PDF):

  • Information memorandum
  • Trustee Minute considering an application by the tenant for rental relief
  • Notification to the tenant of the rental relief provided due to COVID-19

COMING SOON

This documentation will be available by Smarter SMSF subject to the finalisation of the various legislation across the states and territories.

You can login and order these documents via a subscription package or alternatively can purchase on a PAYG basis for $220 per order (incl. GST).  You can contact at team@smartersmsf.com should you wish to access the document template under license for multiple clients.

The Australian Taxation Office (ATO) through its COVID-19 web page offers relief for SMSF trustee who need to provide their related party a rental abatement or reduction for a period of time – importantly this also extends to interposed entities such as related trusts or companies (e.g. Div 13.3A, SIS Regs).  The Regulator will not applying compliance resources towards such an arrangement where the tenant has been impacted by the financial impacts of COVID-19 for the 2019-20 and 2020-21 financial years, including that the outcome of such arrangement whilst ordinarily failing SISR 13.22D will not taint the arrangement, requiring a disposal of shares/units by the fund.

When you order on the Smarter SMSF platform you will be providing with the following documents (PDF):

  • Information memorandum
  • Request by the Lessee for rental assistance due to COVID-19
  • Trustee Minute outlining the decisions of the Fund as Lessor
  • Letter from the Lessor to the Lessee confirming the rental abatement or reduction.

COMING SOON

You can login and order these documents via a subscription package or alternatively can purchase on a PAYG basis (normally $220, incl. GST).

Register to order online now

Got a question?

Not sure about how superannuation measures from the Government’s COVID-19 economic response apply? Or maybe a question about how the ATO is dealing with various technical issues due to the Coronavirus? Ask your question here and we’ll try and have it answered for you.