2020-10: Accounting for SMSFs during COVID-19

A significant number of SMSFs have been directly impacted by the economic response to the coronavirus pandemic, which has impaired the fund’s value.

In this webinar, we explore a range of COVID-19 implications when preparing the 2020 financial statements for SMSFs, including:

• Correct treatment of withdraws by pension members factoring in the 50% temporary reduced minimum pension
• How to account for any rental deferrals provided in accordance with the Mandatory Code of Conduct or other arm’s length terms.
• How to account for any LRBA relief that has been granted in line with the ATO’s guidance.

Delivered through a range of practical examples, it provides important insight for professionals undertaking the accounting of the SMSF client’s work to 30 June 2020.