Eligible individuals who have been adversely financially affected by COVID-19 were allowed to access up to $10,000 of their superannuation, including from their SMSFs, in the 2019/20 financial year and are able to access a further $10,000 in the 2020/21 financial year.
The government has halved the minimum pension draw-down requirements for the 2019/20 and 2020/21 financial years for individuals drawing account-based pensions, transition to retirement pensions, market linked pensions (also known as ‘term allocated’ pensions), and any allocated pensions.
The ATO is becoming tougher on late lodgement and announced that from
1 October 2019, they will change a SMSF status on Super Fund Lookup (SFLU) to ‘Regulation details removed’ if they have not received its annual return more than two weeks after its due date.
Under Limited Recourse Borrowing rules, SMSFs require separate lending arrangement for each “single asset” they acquire.
If your SMSF has invested in unlisted assets such as an unlisted unit trust, it has now become more important than ever to ensure that these assets are adequately valued at their market values for financial reporting purposes.