Hi all,
I would like clarification on the deductibility of Travel Costs relating to a Commercial Property owned by a SMSF.
Extracted from the ATO site is the following:
"You can claim travel expenses, if you are a superannuation plan that IS NOT a self-managed superannuation fund"
Other entities such as "corporate tax entities, public unit trusts etc, CAN claim travel expenses.
My question is basically, can a SMSF reimburse the Trustee for travel costs related to a Commercial Property?
I'm quite aware of the restriction in regard to travel costs for residential properties introduced a few years ago.
Thanks for any feedback.
Hi Gino
Yes my view is that a SMSF can reimburse a trustee for travel costs related to a commercial property.
The travel costs would need to be reasonable and comply with the requirements of section 62 of SIS which is the sole purpose test.
Thanks
The Auditors Institute