The Corona virus has some relief measures which affect Superannuation.
If you withdrew money from your Super Fund due to the Covid relief program you can make contributions to your Fund under the Covid-19 recontributions scheme which will allow you to make contributions to your Fund without adding to the non-concessional contributions cap.
Please complete the form outlined below if you wish to make recontributions to your Fund:
In the video below, the self-assessment process towards the temporary early release to Super and the importance of keeping records of your eligibility is explained by the ATO in details. In addition, they also outline the following:
Members can access up to $10,000 of their Super before 1 July 2020. An additional $10,000 can be accessed from 1 July 2020 until 31 December 2020. For more conditions of release, please click here.
For details, see the ATO’s page on Early Release of Super funds due to Covid-19:
Trustees should be aware that Government has reduced the minimum annual payment required by 50% in the 2020, 2021, 2022 and 2023 Financial years. The following video shows the talk between the SMSF Association and the ATO, some of the topics discussed are:
The temporary reduction of 50% also applies for pensions and annuities commencing part-way in the 2020, 2021, 2022 and 2023 financial years. For further information on minimum drawdown amount, please see here.
As a Trustee of an SMSF, you are legally responsible for your Fund. This video shows the SMSF Association and the ATO pointing the ongoing responsibility of the Trustees and how you can ensure to be at the best place during the COVID-19. The following are covered in this video:
More info on COVID-19, please see here.