SELF MANAGED SUPERANNUATION FUNDS AND GST ?

SELF MANAGED SUPERANNUATION FUNDS AND GST ?Self manager super funds and GST

Does your Self Managed Superannuation Fund (SMSF) claim GST?

Is your SMSF registered for GST?

Have you been claiming GST on all purchases in the SMSF?

If you have, the following should be of interest to you.

According to the Australian Taxation Office, SMSF’s cannot claim GST in the following situations:

  • accounting fees which involve the preparation of financial statements; or
  • general accounting services, the preparation of tax/annual returns; or
  • activity statements (BAS); or
  • audit services or assisting with an audit.

While 75% of GST is claimable on the following expenses:

  • administration fees
  • investment management and brokerage fees
  • actuarial fees

100% of GST is claimable in the following situations:

  • business real property purchase including legal fees
  • business real property expenses

If the SMSF is registered for GST, then GST must also be charged on “outgoings” recovered from tenants of commercial properties.

As you may be aware there is not GST on ASIC fees.

If for any reason you have been claiming GST on any items which were not claimable, you will need to lodge amended Business Activity Statements.  You must also ensure that you do not claim GST on these items in the future.

GST can be confusing and, if for any reason you need help, Optima Partners are only a phone call away.

Pick up the phone and call your accountant at Optima Partners for all your superannuation and accounting needs on 6267 2200

 

Small photo of Zoi Yannakis

Zoi Yannakis

SMSF Acountant – OPTIMA PARTNERS

SELF MANAGED SUPERANNUATION FUNDS AND GST ?
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