1. Name of instrument
1. Name of instrument
1. Name of instrument
This determination is the Superannuation Industry (Supervision) Self-Managed Superannuation Funds (COVID-19 Rental Income Deferrals – In-House Asset Exclusion) Determination 2022.
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Commonwealth legislation
This instrument says that if, during the 2021–22 year, an SMSF ends up acquiring or holding an asset because a related party (or a company/unit trust it holds) was allowed to defer rent due to COVID‑19, that asset will not be treated as an "in‑house asset" for 2021–22 or later years. It affects trustees of self‑managed super funds with related‑party leases and tenants who deferred rent, and matters because it changes whether trustees must treat those assets against the in‑house asset limits (see sections 3–4).
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Direct links to the current provisions in Superannuation Industry (Supervision) Self-Managed Superannuation Funds (COVID-19 Rental Income Deferrals – In-House Asset Exclusion) Determination 2022.
This determination is the Superannuation Industry (Supervision) Self-Managed Superannuation Funds (COVID-19 Rental Income Deferrals – In-House Asset Exclusion) Determination 2022.
This instrument commences on 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 the 2021–22 income year.
For the purposes of paragraph 71(1)(f) of the SISA, where during the 2021–22 income year the fund:
(a) acquires an asset held by the fund by allowing 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, or
(b) holds an asset that is an interest in a company or unit trust which is not an in‑house asset under paragraph 71(1)(j) of the SISA and regulation 13.22B or regulation 13.22C of the Superannuation Industry (Supervision) Regulations 1994 (SISR), 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 2021–22 income year when the rent was deferred, nor any future income years.
Expressions used in this determination have the same meaning as in the SISA and the SISR.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This determination is the Superannuation Industry (Supervision) Self-Managed Superannuation Funds (COVID-19 Rental Income Deferrals – In-House Asset Exclusion) Determination 2022.
This instrument commences on 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 the 2021–22 income year.
For the purposes of paragraph 71(1)(f) of the SISA, where during the 2021–22 income year the fund:
(a) acquires an asset held by the fund by allowing 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, or
(b) holds an asset that is an interest in a company or unit trust which is not an in‑house asset under paragraph 71(1)(j) of the SISA and regulation 13.22B or regulation 13.22C of the Superannuation Industry (Supervision) Regulations 1994 (SISR), 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 2021–22 income year when the rent was deferred, nor any future income years.
Expressions used in this determination have the same meaning as in the SISA and the SISR.