Heffron launches COVID rent relief tool answering SMSF compliance concerns

Heffron has launched Phase 2 of its Super Toolkit in response to those seeking guidance in order to meet auditor and ATO requirements for their SMSF landlords providing rent relief to COVID impacted commercial tenants. 

According to Heffron an estimated 54,000 SMSFs have commercial property investments. As a consequence of the pandemic many of these landlords have provided rent relief for tenants who are unable to comply with the standard terms of their lease.

For SMSF landlords specifically, complying with superannuation law adds complexity to this process.  

"We were inundated with requests to provide guidance to our clients that would help them meet legal requirements for their own SMSFs clients with commercial property investments," said Heffron managing director, Meg Heffron.

The COVID-19 Rent Relief tool walks users through the ATO’s requirements for compliance relief, helping users identify the drivers for rent relief and articulate the reasons why relief should be given in particular situations, as well as highlighting rent relief risks. 

The first stage of the toolkit was announced in March and launched in June, and covered SMSF investment strategies using a guided tool that helps subscribers to the service create an ATO-compliant strategy with documents that can be shared with clients as part of the process.

The Heffron Super Toolkit is available from $20 per month and once subscribed, users can gain access to each new component as released.