The government has implemented some relief measures to help superannuation Funds affected by the negative impacts of the Coronavirus. These relief measures will help Members who are concerned about their Super account balances and will help working Trustees or others who would benefit from having early access to their SMSF. With these relief measures put in place, Trustees still need to make sure that their SMSFs stay compliant at all times.
The ATO has released 3 videos explaining more on the major impacts on SMSFs:
Early access to superannuation
The ATO has allowed individuals in financial stress to access up to $10,000 of their Super. Eligible Members can access up to $10,000 before 1 July 2020 and a further $10,000 from 1 July 2020 until the 31st of December 2020. For more information, please see the ATO details for the early release.
For more info on accessing your Super, see our Conditions of Release page.
The Coronavirus has negatively impacted the retirement savings of many individuals. To help with this, the ATO has reduced the minimum annual payment for account-based pensions by 50% for the 2020 and 2021 financial years. See our Account Based Pension page for the reduced rates.
SMSF Trustees must always remember to keep up with their compliance obligations, even during difficult times. For more info on the annual responsibilities of SMSF Trustees, visit our SMSF Administration page. For a general outline of ATO booklets, see our Guide to SMSF page.
To read more about how the Coronavirus affects SMSFs, please see our COVID-19 page.