For the 2019/20 and 2020/21 financial years, the ATO has announced that for commercial property owned by a SMSF, the trustee as the landlord may in certain circumstances be able to offer a tenant rent relief because of the financial impacts of COVID-19.
This relief measure is also applicable for business owners who rent their commercial premises (in accordance with usual arm’s length compliance conditions) from their own SMSF.
SMSF trustees as landlords for commercial premises, should seek advice to ensure any lease alteration is valid and complies with the legislation and temporary COVID-19 relief measures.
Click here to visit the ATO’s website for further details.
