The ATO has recently updated their Taxation Ruling TR 93/17 Income tax: income tax deductions available to superannuation funds. When considering the types of expenses and their deductibility, ensuring that they are classified correctly is important.
Utilise these guidelines in your day to day practice or during client discussions as a checklist to ensure your SMSF clients are aware of all types of expenses they can deduct within their fund.
At the time of publishing, the contents of this resource were accurate and correct.
Disclaimer: Technical Papers contain general advice only and are prepared without taking into account particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to the individual circumstances of your client. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001. © SMSF Association