Like any other tax payer, your SMSF is entitled to deduct any losses or outgoings from its assessable income that are:
- Incurred in gaining or producing assessable income
- Necessarily incurred in carrying on a business for the purpose of gaining or producing such income.
Other expenses that can be deducted include:
- Supervisory Levy
- Insurance premiums for death and disability policies. Conditions apply
- Accounting and Auditor Fees
- Interest Expenses- under allowable borrowing arrangements
Expenses can only be deducted from income, so if there is no income (pension phase) no expense can be deducted.
Expenses cannot be banked for future years like capital losses.