Further guidance needed on reporting of rental deferrals
Further information is needed from the ATO on the reporting requirements for rental relief, as rent deferral can only be treated as an “off balance sheet” item under tax basis of accounting and is not reflected in the SMSF’s statement of financial position, says an audit firm.
Reliance Auditing managing director Naz Randeria said it’s possible that SMSF professionals may interpret and apply the reporting requirements of rent deferral differently and that there is further clarification needed on this.
Read more at SMSF Adviser.
