If you paid your SMSF (self-managed super fund) setup costs personally, you may be able to claim reimbursement from the fund.
To do this correctly:
- The SMSF must charge the costs against your benefits.
- You should seek reimbursement as soon as the fund has enough cash.
- The reimbursement must relate to costs incurred in setting up the fund – not for other services.
When done properly, reimbursement isn’t considered a contribution, borrowing or financial assistance. But if you don’t seek reimbursement for set up costs charged to your fund, we treat your payment as a contribution.
Keep in mind that SMSF establishment costs are capital expenses and can’t be claimed as a deduction. You can’t be paid for any trustee duties, even if you set the fund up yourself. If your fund uses a corporate trustee, ASIC registration and annual fees will apply.
For more information on understanding your requirements when you set up your SMSF, visit Setting up an SMSF.
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