The tax commissioner has praised the efforts of the SMSF Association and its members in implementing COVID-19 relief measures and ensuring trustees maintained their obligations in 2020.

While the SMSF sector awaits a final ruling on the handling of non-arm’s-length expenses (NALE) rules, a further call has been made for greater clarity around what trustees can and can’t do for their fund.

The penalty regime from the ATO will give breaks to SMSF trustees but will still hit their wallet if they fail to tow the line, a tech expert has warned.