1. Name of instrument
1. Name of instrument
1. Name of instrument
This determination is the Self Managed Superannuation Funds (COVID‑19 Rental income deferrals – In‑house Asset Exclusion) Determination 2020.
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This determination treats assets that arise when an SMSF (or a company/unit trust it holds) accepts COVID‑19 rent deferrals from related parties or tenants as NOT being "in‑house assets" for the 2019‑20 and 2020‑21 income years and any future years. It applies where the deferral is granted on arm’s‑length terms and affects SMSF trustees, who must document and justify rent‑deferral arrangements to rely on the exclusion.
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Direct links to the current provisions in Self Managed Superannuation Funds (COVID-19 Rental income deferrals – In-house Asset Exclusion) Determination 2020.
This determination is the Self Managed Superannuation Funds (COVID‑19 Rental income deferrals – In‑house Asset Exclusion) Determination 2020.
This instrument commences the day after it is registered on the Federal Register of Legislation.
This instrument applies to the trustee(s) of a self-managed superannuation fund (fund) where the fund acquires or holds an asset that would be an in-house asset as a result of the rent payable under a lease as described in paragraphs 4(a) and (b) being deferred during one or both of the 2019-20 or 2020-21 income years.
For the purposes of paragraph 71(1)(f) of the Superannuation Industry (Supervision) Act 1993, where during one or both of the 2019-20 or 2020-21 income years the fund:
(a) allows a related party to defer the payment of rent under a lease agreement (on arm’s length terms) because of the financial impact of the coronavirus known as COVID‑19 which creates an asset held by the fund, or
(b) holds an asset that is an interest in a company or unit trust which is not an in‑house asset under regulation 13.22B or regulation 13.22C of the Superannuation Industry (Supervision) Regulations 1994, and that company or unit trust allows a tenant to defer the payment of rent under a lease (on arm’s length terms) because of the financial impact of the coronavirus known as COVID‑19
the asset is not an in‑house asset of the fund in the 2019-20 or 2020-21 years when the rent was deferred nor any future income years.
Expressions used in this determination have the same meaning as in the Superannuation Industry (Supervision) Act 1993 and the Superannuation Industry (Supervision) Regulations 1994
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This determination is the Self Managed Superannuation Funds (COVID‑19 Rental income deferrals – In‑house Asset Exclusion) Determination 2020.
This instrument commences the day after it is registered on the Federal Register of Legislation.
This instrument applies to the trustee(s) of a self-managed superannuation fund (fund) where the fund acquires or holds an asset that would be an in-house asset as a result of the rent payable under a lease as described in paragraphs 4(a) and (b) being deferred during one or both of the 2019-20 or 2020-21 income years.
For the purposes of paragraph 71(1)(f) of the Superannuation Industry (Supervision) Act 1993, where during one or both of the 2019-20 or 2020-21 income years the fund:
(a) allows a related party to defer the payment of rent under a lease agreement (on arm’s length terms) because of the financial impact of the coronavirus known as COVID‑19 which creates an asset held by the fund, or
(b) holds an asset that is an interest in a company or unit trust which is not an in‑house asset under regulation 13.22B or regulation 13.22C of the Superannuation Industry (Supervision) Regulations 1994, and that company or unit trust allows a tenant to defer the payment of rent under a lease (on arm’s length terms) because of the financial impact of the coronavirus known as COVID‑19
the asset is not an in‑house asset of the fund in the 2019-20 or 2020-21 years when the rent was deferred nor any future income years.
Expressions used in this determination have the same meaning as in the Superannuation Industry (Supervision) Act 1993 and the Superannuation Industry (Supervision) Regulations 1994