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Last updated 11 August 2020

Following the COVID-19 outbreak there have been several measures either announced or already introduced to help businesses combat the fast-moving challenges brought on by the pandemic.

To help businesses navigate the volume and complexity of information that exists, we have provided a summary of the big-ticket incentives and how to determine if your business is eligible. We have also outlined a number of concessions that have been announced for individuals.

In addition, we have created a comprehensive Xero Guide for those entering the COVID-19 concessions and related transactions such as JobKeeper into their accounting software. Contact us for assistance across all accounting and bookkeeping software.

We will continue to update this page as more information is released.

Quicklinks:

Key Federal Government Concessions

 

JobKeeper payments

 

1. What is the concession?

Businesses that expect their turnovers to decline due to the COVID-19 pandemic will be able to access a wage subsidy from the Commonwealth Government of $1,500 per eligible employee, per fortnight, from 30 March 2020 until 27 September 2020.

These payments will be taxable, and therefore they will be deductible when paid to employees. It is a condition of entitlement that the business has paid salary and wages of at least that amount to the employee in the fortnight.

A business can also be entitled to a job keeper payment of $1,500 per fortnight for one business participant who is actively engaged in operating the business.

On 21 July,  the Government announced an extension to JobKeeper from 28 September 2020 until 28 March 2021.   This modified JobKeeper will be a two tiered scheme with different minimum payment conditions (which depend on the number of hours worked per week) and will rely on actual declines in turnover, rather than predictions.  For details on the new eligibility rules and payment amounts which apply from 28 September 2020 until 28 March 2021, see our JobKeeper 2.0 article.

2. Is my business eligible?


Turnover tests

If your business’ turnover is under $1 billion, your projected GST turnover must have reduced by at least 30% relative to a comparable period (monthly or quarterly) a year ago due to impacts of COVID-19.

Businesses with turnover exceeding $1 billion, must see a reduction in turnover of at least 50%.

For tax consolidated groups, the turnover test will be applied on an entity-by-entity basis with the relevant threshold percentage being determined by the consolidated group’s turnover.

Not-for-profit entities will also be eligible for the JobKeeper payments where their turnover declines by at least 15%.

”Turnover” will be measured as the entity’s turnover for GST purposes. This includes all sales made by the business (exclusive of GST) including GST-free sales, but excludes supplies that are input taxed, supplies not made in the course of an enterprise or supplies not connected with Australia.

Further, the projected turnover decline must be made in a relevant test period. For example, projected turnover declines for either the month of July or the September quarter can be made in July 2020 to assess an entity’s eligibility for the scheme from that point onwards.

The Government has built some flexibility into these tests. If your business was not in operation a year earlier, or if the comparable period last year isn’t representative of your usual or average turnover, the ATO will have the discretion to consider other information (and make alternative tests) to establish whether your business is eligible for the JobKeeper payments. The Government has also flagged that some tolerance will be shown where an employer estimates in good faith that turnover will fall by 30 (or 50) percent but the actual fall is slightly smaller.

On 8 May, the ATO released alternative decline in turnover tests. To read more about these alternative tests click here.

In addition, the new measures announced in relation to the JobKeeper payments for the December and March quarters (i.e. JobKeeper 2.0) will require businesses to demonstrate actual declines in turnover as opposed to predicted declines.  To be eligible for JobKeeper payments in the December quarter, the business will need to show a fall in actual turnover for the September quarter relative to the corresponding period last year.  A similar test, again based upon just the turnover for the December 2020 quarter, will apply for eligibility for the March 2021 quarter.

Eligible employees

An eligible employee must be at least 16 years old (and financially independent) and have been employed by the business at 1 March 2020 (or 1 July 2020 in the case of JobKeeper 2.0). Businesses must confirm that the individual remains employed (even if they have been stood down temporarily or re-hired since that time) and earns more than $1,500 per fortnight. This is expected to be done using information reported through the Single touch payroll system.

Those employees on low incomes will need to have their income “topped up” to a minimum fortnightly payment of $1,500 in order for the business to receive the subsidy on their behalf. Employers will not be required to pay Superannuation Guarantee on such top up payments, however they have the discretion to do so.

Eligible employees include full-time, part-time or long-term casuals (i.e. casuals employed for longer than 12 months). Further, employees must be Australian citizens, holders of permanent visa, a Protected Special Category Visa Holder, a non-protected Special Category Visa Holder who has been residing continually in Australia for 10 years or more, or a Special Category (Subclass 444) visa holder in order to qualify for the subsidy. In addition, only one JobKeeper payment can be received per individual. Employees must notify the employer that they are eligible for the JobKeeper, and that they wish to claim the JobKeeper through them. Following registration, the employer must inform the employee/s that the JobKeeper payments have been applied for on their behalf.

Sole traders and businesses without employees will also be eligible to apply for the payments, provided they meet the turnover requirements. One active business participant per business may be entitled to receive the payment provided they are not already eligible. The nominated business participant must meet the same criteria that eligible employees are subject to. In addition, one payment for the business’ nominated individual is available even if the business also has employees that are eligible. This may allow for sole traders, partners, adult beneficiaries of a trust, and directors and shareholders of a company to receive the JobKeeper payment.

If the turnover test is not met immediately but is later satisfied (for the next month’s or quarter’s projection), and the business registers for the concession, it will be eligible for JobKeeper payments from registration onwards.

3. How do I access the concession?

You can now apply for JobKeeper by visiting the ATO website. The business must be registered by the end of the relevant fortnight in order to receive a payment for that fortnight, with the exception of the registrations for the first two months of the JobKeeper period (i.e. April and May) which needed to be lodged by 31 May 2020.

Self-assessment of JobKeeper entitlements will be the responsibility of employers, who must provide monthly updates to the ATO on GST turnover for that month and the projected turnover for the following month, and inform employees within 7 days of registering an employee that they’re nominated for the subsidy.

Sole traders / self-employed individuals who do not have “employees” will need to register their interest and nominate one individual to receive the payment.

4. JobKeeper extended

As outlined above, the extended JobKeeper will run from 28 September 2020 until 28 March 2021. Continued eligibility for JobKeeper beyond 28 September 2020 will require the business to have seen sufficient declines in their actual turnover figures for completed quarters.

In addition, employees may be eligible for JobKeeper payments if they were employed by the business at 1 July 2020.

For details on the new eligibility rules and payment amounts which apply from 28 September 2020 until 28 March 2021, see our JobKeeper 2.0 article.

Queensland Small Business grants

Queensland Small Businesses may be eligible for grants of up to $10,000 from the State Government if:

  • They have been highly impacted by the COVID-19 crisis;
  • Revenue has been significantly impacted since 23 March 2020;
  • The business employs staff and have fewer than 20 employees;
  • The businesses had a valid ABN at 23 March 2020 and is registered for GST;
  • The business has its headquarters in Queensland;
  • The business had an annual turnover of at least $75,000 for the last financial year;
  • The business has a total payroll of less than $1.3 million; and
  • The business is not insolvent and the owners/directors are not undischarged bankrupts.

The grants can only be used to fund certain activities, as outlined here.

Small Business Cash Flow Boost –A refund of PAYG Withholding

What is the incentive?

The Australian Taxation Office (ATO) will assist business cash flows by issuing refunds for 100% (up from 50%) of the Pay As You Go (PAYG) withholding amounts for payments made between 1 January 2020 and 30 June 2020 up to a maximum of $50,000 (up from $25,000). In addition, there will be a minimum payment to all eligible businesses of $10,000 (up from $2,000). These incentives will be tax-free and will be paid within 14 days of lodging activity statements. These initial payments are known as the Boosting Cash Flows for Employers incentive.

The Government has bolstered this lifeline for businesses with a proposed additional payment to be received by businesses for wages paid between 1 July 2020 and 30 September 2020. This additional payment will be equal to the total of the Boosting Cash Flows for Employers payments received. Therefore, eligible employers will receive total payments of between $20,000 and $100,000 between April and October 2020 under this incentive.

Is my business eligible?

These refunds will apply to businesses and Not-for-Profit entities with aggregated turnovers not exceeding $50m and that employ staff (even if they are not required to withhold from wages paid).

Aggregated turnover comprises the entity’s turnover, together with the turnover of the entity’s affiliates and connected entities from the previous financial year.

In addition, these payments will only be available to active eligible employers established prior to 12 March 2020 (this requirement will not apply to Not-for-Profit entities). This suggests that registering an entity for PAYG withholding after 12 March will not give rise to eligibility for the incentive.

The legislation specifically includes anti-avoidance provisions denying access to those who have engaged in activities for the purpose of accessing payments that would not have otherwise been available.  In the era of Single Touch Payroll, these activities will not be very difficult for the ATO to detect.  Given any excess or ineligible payments will attract general interest charges from the time they are granted until repayment. We would caution against such moves.

To be eligible for the additional payment, the business must remain active employers.

How do I access this concession?

The ATO has advised that credits will be processed following the lodgements of activity statements from 28 April 2020. For quarterly lodgers, this means that the March and June BASs will attract the initial payment. Monthly lodgers will be eligible to receive the initial payment in relation to their BASs from March to June 2020, with the payment for March being calculated at 3 times the rate of withholding on that activity statement (as a catch-up) up to the $50,000 cap.

Eligibility is automatically assessed, however we have noted that there have been teething issues with this scheme as some ineligible businesses have received the cash flow boosts and have had to repay the money.

The payments will be made as follows:

Activity Statement lodgement Initial payments received Additional payments received
Quarterly lodgers Following the lodgement of the March and June 2020 BASs.  

One-half of the initial payments will be received after lodgement of the following activity statements:

  • June 2020 (50% of initial payments)
  • September 2020 (50% of initial payments)
Monthly lodgers Following the lodgement of the activity statements from March to June 2020.

 

 

 

One-quarter of the initial payment will be received after lodgement of the following activity statements:

  • June 2020 (25% of initial payments)
  • July 2020 (25% of initial payments)
  • August 2020 (25% of initial payments)
  • September 2020 (25% of initial payments)

 

In short, the initial payments will front-end the benefit received by employers. For example, where a monthly withholder has more than $50,000 in PAYGW on their March Business Activity Statement (BAS), the full $50,000 will be credited to the entity’s Activity Statement Account following the lodgement of the activity statement.

The cash flow boost payments will be applied to reduce liabilities arising from the same activity statement. Any remaining credit will be refunded to the business.

Expanded depreciation deductions

What is the incentive?

The instant asset write-off has been expanded to assets costing up to $150,000 (up from $30,000) purchased and installed between 12 March until 31 December 2020.

In addition, a further “business investment incentive” that will accelerate depreciation deductions for assets of any cost. Businesses may deduct 50% of the cost of eligible assets on installation and the usual depreciation deduction that would apply if the asset’s cost or adjustable value were reduced by 50%, with the remaining amount being depreciated as per the existing rules. Small business entities using the simplified depreciation rules obtain access to an initial deduction for relevant assets of 57.5% (instead of 15%) in the first year under this concession.

Is my business eligible?

These incentives apply to businesses with aggregated turnovers not exceeding $500 million, and to assets purchased from 12 March 2020.

Assets up to $150,000 must be installed before 31 December 2020 to obtain the instant tax deduction, while depreciating assets qualifying for the 50% investment incentive must be installed before 30 June 2021.

How do I access this concession?

These incentives will be factored in when preparing the income tax return for the 2020 and 2021 financial years.

These rules will apply to assets purchased from 12 March 2020.

The ATO’s administrative concessions

What are the concessions?

The ATO intends to provide relief to businesses impacted by COVID-19 through the following measures:

  • Deferring payments relating to Activity Statements, Income Tax assessments and Fringe Benefits Tax assessments by up to six months;
  • Allowing businesses who report GST quarterly to swap to monthly reporting to access GST refunds faster than they would usually be able to;
  • Allowing businesses to vary down their Pay As You Go (PAYG) instalments to zero for the March 2020 quarter (monthly payers will need to contact the ATO to discuss further);
  • Allowing businesses to claim refunds for PAYG instalments paid during the September 2019 and December 2019 quarters;
  • Remitting interest and penalties incurred after 23 January 2020 which had been applied to tax liabilities; and
  • Allowing businesses to enter into low-interest payment plans for their existing and ongoing tax liabilities.

Our early experience with the ATO on these matters is that it is best to contact the ATO prior to lodging the relevant forms (e.g. Activity Statements and tax returns) when seeking a payment deferral.

The ATO have also made a point of mentioning that employers will still need to meet their ongoing Superannuation Guarantee obligations.

Is my business eligible?

A case-by-case assessment of individual circumstances and how your business is affected will be made by direct contact with the ATO. However, the ATO appears willing to be cooperate in this space due to the wide-ranging impacts of COVID-19.

How do I access this concession?

The proposed concessions will not be automatically applied to assist taxpayers. The ATO will need to be contacted (either directly or by Pilot as the registered tax agent) in order to request assistance which will be tailored to individual circumstances.

The deferrals relate to certain tax payments, not lodgements. Considering that Directors have personal obligations relating to GST and PAYG withholding in addition to superannuation, we recommend that all statements are lodged on time.

R&D Tax Incentive concessions

What is the concession?

Companies impacted by COVID-19 can obtain an automatic lodgement deferral of their 2019 R&D tax incentive application from 30 April until 30 September 2020. Further extensions may also be possible.

Is my business eligible and how do I apply?

Any business which has a July-June income year and is impacted by the virus is eligible for this automatic extension of lodgement.

Federal Government support for SME loans

What are the concessions?

The Commonwealth Government will provide a guarantee of 50% for loans made to SMEs with turnover of up to $50 million. The maximum amount of the loans will be $250,000 per borrower with an initial 6 month repayment holiday and a term of up to 3 years.

Is my business eligible?

These loans will be unsecured, meaning that eligible borrowers (i.e. those with turnovers not exceeding $50 million) will not have to provide security for the loan.

How do I access this concession?

Loans will be provided through banks. Discussions regarding these Government-backed loans can take place with your lenders from today.

$250,000 loans from the Queensland Government

What is the concession?

The Queensland Government has recently announced an intention to create a new $500 million loan facility to be offered to Queensland businesses. Loans can be taken out up to a maximum amount of $250,000 and will have a 12 month interest-free period.

These loans are available for up to 50% of an entity’s annual wage expense which will be calculated as the average of the wage and superannuation expenses for FY2018 and FY2019, including salaries or drawings for business owners working in the business.

The loans will be for a maximum term of 10 years, with the first 12 months being interest and repayment free. The loan repayments will then be interest-only (at 2.5% p.a.) for the following 2 years and will then becoming Principal and Interest repayments for the remaining term.

Further, the State Government has outlined that the loans are designed to be used to boost working capital, rather than for refinancing or asset purchases.

Is my business eligible?

To be eligible for these loans, the following conditions must be met:

a. The business must hold an ABN and be registered for GST (or be an incorporated Not-For-Profit entity);
b. The business must have been in operations since 1 July 2017;
c. The business must have at least one full-time employee in Queensland who works at least 35 hours per week for the entity;
Note that business owners will be considered “employees” if they work in the business and meet the 35 hour test.
d. The business must have suffered a loss of income due to COVID-19;
e. Applicants must be considered viable under normal business conditions;
f. Applicants must be able to service the loan under normal business conditions; and
g. Businesses must intend to continue operations.

Eligible business structures include companies (both public and private), sole traders, trusts and partnerships.

How do I apply?

Applications can be made online through the Queensland Rural and Industry Development Authority’s website.

Note that applications will be open until 26 September 2020, or until the funding is fully committed.

Queensland Payroll Tax deferrals

What are the concessions?

The Queensland Government has recently announced a number of payroll tax concessions for Queensland employers. The concessions depends on whether the business pays more or less than $6.5 million in Australian taxable wages, and will apply as follows:

Australian taxable wages Concession
$6.5 million or less i.  Refund of 2 months of payroll tax paid;

ii. A waiver of payroll tax for the next 3 months; and

iii. A further deferral of payroll tax for the 2020 calendar year.

More than $6.5 million and the business has been impacted by COVID-19 i.  Deferral of payroll tax for the 2020 calendar year; and

ii. A refund of 2 months of payroll tax paid.

Is my business eligible?

As per the above table, eligibility for the concessions depends on the Australian taxable wages paid in a year.

How do I access this concession?

Employers can apply for these concessions through the Office of State Revenue’s website. Note that refunds and waivers needed to be applied for prior to 31 May 2020.

Queensland Land Tax relief

What are the concessions?

The Queensland government has implemented a package to provide land tax relief for landlords impacted by COVID-19. The concessions include:

  • A Land Tax Rebate reducing land tax liabilities by 25% for eligible properties for the 2019-20 assessment year;
  • A waiver of the 2% land tax foreign surcharge for foreign entities for the 2019-20 assessment year; and
  • A three month deferral of land tax liabilities for the 2020-21 assessment year.

Am I eligible for the concession?

You will be eligible if at least one of the following applies:

  1. You are a landowner who leases all or part of a property to one or more tenants and all the following apply:
    • The ability of one or more tenants to pay their normal rent is affected by the COVID-19 pandemic;
    • You will provide rent relief to the affected tenant(s) of an amount at least commensurate with the land tax rebate; and
    • You will comply with the leasing principles even if the relevant lease is not regulated.
  2. You are a landowner and all the following apply:
    • All or part of your property is available and marketed for lease;
    • Your ability to secure tenants has been affected by the COVID-19 pandemic;
    • You require relief to meet your financial obligations; and
    • You will comply with the leasing principles even if the relevant lease is not regulated.

What are the leasing principles?

These principles are set to be introduced as Queensland law and seek to provide a set of enforceable guidelines for property owners and tenants in resolving disputes during the COVID-19 pandemic.

Residential Property Owners

  1. You will negotiate in good faith with your tenant to seek a mutually agreeable resolution if their ability to pay is impacted by COVID-19;
  2. You will not evict your tenant if they are in financial distress and unable to meet their commitments due to the impact of COVID-19;
  3. You will not end a tenancy for any reason other than on an approved ground; this does not include the tenant’s inability to pay rent or the end of a fixed term lease;
  4. You will not charge break lease fees for tenants who need to end a fixed term tenancy early due to the financial, health or personal safety impacts of COVID-19; and
  5. You will allow a tenant to refuse entry for non-essential reasons, including routine repairs and inspections, particularly if a member of the household has a higher risk profile if exposed to COVID-19.

Commercial Property Owners

  1. You will negotiate in good faith with your tenant to seek a mutually agreeable resolution if their ability to pay is impacted by COVID-19;
  2. You will not evict your tenant if they are in financial distress and unable to meet their commitments due to the impact of COVID-19;
  3. You will not increase rent, except where rent is linked to turnover;
  4. You will not penalise a tenant who stops trading or reduces opening hours;
  5. You will not charge any interest on unpaid or deferred rent; and
  6. You will not make a claim on a bank guarantee or security deposit for non-payment of rent.

What else do I need to know?

  • The due date to apply for the concessions is 30 June 2020.
  • The tax rebate applies to each property that meets the eligibly requirements and conditions rather than to applying to entire taxable landholdings.
  • Where there are multiple tenants for a single property, including mixed-use developments, if the eligibility requirements and conditions are met for at least one tenancy, then the whole property is eligible for the land tax rebate.

How do I access this concession?

There is no need to apply for the foreign surcharge waiver for the 2019/20 assessment year or the 3-month deferral for the 2020/2021 assessment year. Land tax will be reassessed to apply the waiver.

You must apply for the land tax rebate through OSR online before 30 June 2020.

Temporary relief for distressed businesses

What is the concession?

The economic impacts of COVID-19 and health measures to prevent its spread could see many otherwise profitable and viable businesses temporarily face financial distress. It is important that these businesses have a safety net to make sure that when the crisis has passed they can resume normal business operations. One element of that safety net is to lessen the threat of actions that could unnecessarily push them into insolvency and force the winding up of the business.

The Australian Government is implementing temporary measures (to apply for 6 months) to ease the ongoing payment deadlines for businesses to suppliers. These measures include:

  • Statutory demand limits increased to $20,000 (previously $2,000 for Corporate and $5,000 for Personal)
  • Statutory demand response periods increased to 6 months (previously 21 days). This will stave off creditors from taking action for unpaid liabilities.
  • Relieve directors of personal liability that would otherwise be associated with insolvent trading provided the debts are incurred in the ordinary course of the Company’s business.

The above measures provide businesses time to consider what options are best for them and give companies confidence to continue to trade through the crisis with the aim of returning to viability when the crisis has passed.

Small business banking relief

What is the concession?

The Australian Banking Association (“ABA”) has announced Australian banks will defer loan repayments for small businesses affected by COVID-19 for six months on application. Other forms of assistance differ between each bank with options including:

  • deferring loan payments;
  • waiving fees and charges;
  • debt consolidation;
  • waiving penalties for early withdrawal of a term deposit; or
  • deferring upcoming credit card payments and increasing emergency limits.

Businesses must be careful in choosing which option is correct for them. Options of deferrals generally cease mandatory repayments with interest continuing to accrue.  Times like these, cash is king, if you have the ability to endure without these measures that is almost always the best option.  If you have no choice, these are excellent options your business can utilise to stabilise in these tumultuous times.

Contact details for the majority of banks can be found here https://www.ausbanking.org.au/campaigns/financial-hardship/

The key is to communicate early and often with your financial institution, it is never too early.  If you need help to determine what is best for you, your Pilot Advisor can assist.

Annual General Meetings Guidelines – For-Profit

What is the concession?

The Australian Securities & Investment Commission (ASIC) have announced that they do not have the power to grant extensions on regulatory requirements. However, they have also announced that they will adopt a ‘no action’ position on currently pending annual general meetings (AGMs) which cannot be held. The “no action” position at present applies to entities with year-ends between 31 December and 7 July. This position will remain in place until 7 months following the year-end. Therefore, these entities should aim to hold their AGMs before that date. ASIC are also allowing virtual AGMs to take place via technology in place of face-to-face meetings.

Is my business eligible?

If your business is required to report to ASIC and has a year-end between 31 December and 7 July then your business is eligible.

How do I apply?

No application is required because the policy will apply automatically to all entities with a year-end between 31 December and 7 July 2020.

Financial Reporting Relief – For-Profit

What is the concession?

ASIC have announced that they are extending the reporting deadlines by one month for all companies required to report to ASIC, with a year-end up to and including 7 July 2020. This includes listed entities, although does not provide relief for reporting under the ASX listing rules. Where listed companies choose to use the extension their Appendix 4E will need to be lodged by 31 August 2020, along with an unaudited financial report and companies will need to disclose to the market they are relying ASIC’s extended lodgment period.

Is my business eligible?

If your business is required to report to ASIC and has a year-end up to and including 7 July 2020 then your business is eligible.

How do I apply?

No application is required because the extension will apply automatically to all entities with a year-end between 31 December and 7 July 2020.

Financial Reporting Relief – Not-For-Profit entities

What is the concession?

The Australian Charities and Not-for-profits Commission (ACNC) has announced that they are providing a blanket extension for all 2019 Annual Information Statements (AIS) with due dates between 12 March 2020 and 30 August 2020 to 31 August 2020.

Is my not-for-profit organisation eligible?

At this stage, if you have a due date between 12 March 2020 and 30 August 2020, your organisation is eligible.

How do I apply?

No application is required because this is a blanket extension. Your AIS due date will be updated to reflect the change in the coming weeks, if it has not already been updated.

Early access to Superannuation for individuals

What is the concession?

The Government intends to allow individuals in financial distress due to COVID-19 access of up to $20,000 of their superannuation over the 2019 and 2020 financial years. These withdrawals are intended to be tax-free.

Am I eligible?

To be eligible for the concession, eligible Australian citizens must meet at least one of the following tests:

  1. You are unemployed;
  2. You are eligible for the JobSeeker payments, Youth Allowance, parenting payments, special benefit or farm household allowance;
  3. On or after 1 January 2020, either:
    • You were made redundant;
    • Your working hours were reduced by 20% or more; or
    • If you are a sole trader, your business has been suspended or there was a reduction in your turnover of at least 20%.

How do I apply?

Eligible individuals will be able to apply for the withdrawal through the myGov website.

Changes to minimum Superannuation withdrawals

What is the concession?

The government intends to temporarily reduce the minimum withdrawal requirements for account-based pensions from superannuation accounts. The minimum withdrawal rates will be reduced by 50% for the 2019-20 and 2020-21 financial years.

As an example, someone currently required to withdraw 5% from their superannuation account under an account based pension will only be required to withdraw 2.5% for this financial year and the next.

SMSF Temporary Rent Relief

What is the concession?

As landlords offer relief to their tenants during the COVID-19 crisis, the ATO has considered the potential effect on SMSFs with related-party tenants.

Under normal circumstances, SMSFs charging less than market rent will trigger a breach of the super regulations.

However, the ATO has announced that it will not take compliance action for the 2019-20 and 2020-21 financial years where an SMSF landlord gives a related-party tenant a temporary rent reduction during this period.

This measure provides certainty for a number of SMSFs that own business premises and have been directly affected by the COVID-19 crisis.

SMSF trustees wishing to take advantage of this concession should ensure that any agreement between landlord and tenant to reduce rent is adequately documented.

Contact Pilot

Should you have any queries relating to the impact of COVID-19 on your business, please contact your Pilot Advisor or Murray Howlett via mhowlett@pilotpartners.com.au.