We have prepared a Table of key areas of COVID-19 superannuation relief, together with other related issues, including:

1. Easier access to the Jobseeker Payment
2. Early release of superannuation
3. Temporarily reduced minimum drawdown rates for retirees
4. Members approaching retirement could take a TRIS
5. Members could retire or otherwise satisfy a condition of release
6. Claiming insurance
7. Temporary residents permanently leaving Australia
8. Asset protection
9. Crystallise tax losses by 30 June
10. Transfer business real property into SMSF
11. Maximise contributions into super to invest at the low point of markets
12. COVID-19 rent relief
13. Administering the super guarantee amnesty
14. Request an extension for SMSF annual return obligations

The Table sets out the measures/issues and comments on various aspects by Mills Oakley.

Certain measures/issues raised are relevant to all superannuation fund members. Some issues are particularly relevant to those members with their own self- managed superannuation funds (SMSFs).

Some measures/issues relate to avenues to get extra cash in times of need. Some measures/issues relate to the opposite in terms of preserving moneys in the super fund environment for asset protection and taking advantage of the rise in share markets in due course.

We would be pleased to discuss any of the measures/issues with you and assist in advising on and/or implementing particular strategies that may assist you based on your circumstances (noting that we are not financial advisers and do not give financial advice as such).

Ross Higgins
Partner
Private Advisory, Melbourne
Tel: 0403 601 541
[email protected]