The ATO has confirmed it will not take action against SMSFs providing tenants with rent reductions due to the impact of COVID-19.

The ATO has provided SMSF trustees with a course of action should a fund be in breach of the in-house assets rules due to COVID-19-driven market downturns.

The ATO experienced a $1.4 million increase in administration penalties collected in the 2019 financial year, according to the regulator’s most up-to-date data.

The treatment of services provided in a personal capacity to an SMSF in relation to the non-arm’s-length income rules require more clarity, according to a senior technical services executive.

The ATO is developing a mandatory awareness program to help ensure SMSF trustees have a better understanding of their obligations before they begin running their own super fund.