SMSF – Get All Available Deductions

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02 / Jul / 2013


In The Black published a timely reminder of the available tax deduction for SMSF to optimise your tax position but keep you well within the law.

Remember the sole purpose test – your SMSF must act for the sole purpose of providing retirement funds to members and NOT to provide current benefits to you or other members.

Your SMSF can’t provide loans to members of the fund or their relatives.

Check the the expense makes sense withint the context of your fund.

Do these expenses apply: bank charges, brokerage, filing fees, fines, interest paid, life and TPD (Total and Permanent Disability) insurance premiums, valuation and storage costs, property expenses, relevant training courses, subscriptions, administration software and depreciation on plant and equipment.