Hi there, I have a query which I don't think many will be able to answer, but just looking for anyone who has been in the same situation; looking for pointers for info etc.
The ATO rulings are vague and generally unhelpful, so perhaps next step will be an accountant specialising in SMSFs.
I have a SMSF, I am the sole member and my company, of which I am the director, is the trustee of the SMSF. Many SMSFs will be set up in the same way.
My question is about allowable expenses incurred in managing the fund. I understand that as director, or as the company, I can't claim costs - ie , I can't claim a wage for acting as the trustee, for instance. If I were to, for instance, hold a substantial holding in a company (as in literally be a subst holder) and 'need' to attend the AGM, would that now be a legitimate deduction?
Personally, I think the ATO rulings suggest that yes it probably would be - personally - but in a SMSF??? It gets murky. There is some info on the ATO website which suggests that a SMSF, like any taxpayer entity, is entitled to claim legitimate admin and investment expenses....
and on that note, can anyone quickly tell me the difference between capital and revenue expenses.
