GST for SMSF

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(Enthusiast)Enthusiast

9 Feb 2023

Hi,

Can a newly established self-managed superannuation fund, registered for GST, claim GST credits on cost incurred to establish the fund, even though it is a type of non-deductible formation cost?

Thanks.

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Bruce4Tax

(Taxicorn)Taxicorn

9 Feb 2023

No, because:

Establishment cost is really incurred by whoever paid the amount, because the fund did not exist at that stage.
GST credits generally not allowed on non-deductible amounts
SMSFs are limited on claiming GST input credits https://www.ato.gov.au/business/gst/in-detail/your-industry/financial-services-and-insurance/smsfs---gst-and-financial-supplies/

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Most helpful reply

Bruce4Tax

(Taxicorn)Taxicorn

9 Feb 2023

No, because:

Establishment cost is really incurred by whoever paid the amount, because the fund did not exist at that stage.
GST credits generally not allowed on non-deductible amounts
SMSFs are limited on claiming GST input credits https://www.ato.gov.au/business/gst/in-detail/your-industry/financial-services-and-insurance/smsfs---gst-and-financial-supplies/

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