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Establishment costs deductibility

The SMSF formation costs are in capital nature and can not be claimed as an expense deduction.  ATO’s view is that a SMSF is not a business entity therefore the costs can not be amortized.

Therefore, SMSF establishment costs, such as costs of trust deed, formation of corporate trustee can not be expensed. These costs need to be written of in the first year of SMSF operation and should be capitalized and carried forward.

iCare Super current setup costs are as below:

  • trust deed: Free
  • corporation trustee formation: $880
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