In March we put a call out to SuperGuide readers for questions you would like to put to the ATO. We received dozens of questions, particularly about the impact of COVID-19 to SMSF investing and the super rules.
We’re very fortunate that a selection of these questions have been answered by Dana Fleming, Assistant Commissioner of the SMSF Segment at the ATO.
Dana generously provides useful insights for SMSF trustees about current issues such as the early release of super process, making a loan to your business from your SMSF, providing rental concessions for tenants, deferring the annual lodgement and the change to the minimum pension drawdown rates.
Due to travel restrictions the interview had to take place online. We have created videos for each Q&As, and below each video is a transcript if you would prefer to read what Dana has to say.
Question 1
I have an SMSF and need to apply for early release of super due to COVID-19. I’ve checked that I meet the criteria because I’m a sole trader, and my turnover has decreased by more than 20%. Please can you describe what form of proof I need in order to lodge my application?
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