The ATO states in its latest update to the rules around reg 8.02B that it will not impose penalties if it is satisfied that SMSF trustee finds it difficult to obtain the required valuation evidence for fund assets due to the impacts of COVID-19.
The ATO has compiled a cautionary list of the top five errors committed by SMSF trustees when lodging their annual tax return.
The Australian Securities and Investments Commission (ASIC) had foreshadowed that it will make changes to its regulatory work and priorities to allow it to focus on the impact of COVID-19.
Although tempting, there are some things you should be aware of before considering superannuation early release or re-contributions.