claim visits to metals storage?

skipau

skipau

Member
Silver Stacker
Just wondered if you guys claim your visits to your metal storage from your SMSF?

e.g. Cost of parking, or kms travelled etc for when you visit to deposit/retrieve or audit?

I have never done so. I only pay for the cost of my metal storage from the SMSF but nothing more than that...

just interested to see... as I was thinking I probably should be doing so...
 
mmm....shiney! said:
Nope, I don't think travel costs are a claimable SMSF expense.
Click to expand...

Thanks for that... i hadn't gone in and had a look at what I can and can't do as of yet... just seemed like it made sense to be doing it...
I wonder if it could be part of the "administrative" costs that I can charge etc... but anyway it is just taking from myself so what is the point... other than there is a marginal gain thanks to the lower tax rate on those dollars...
 
skipau said:
mmm....shiney! said:
Nope, I don't think travel costs are a claimable SMSF expense.
Click to expand...

Thanks for that... i hadn't gone in and had a look at what I can and can't do as of yet... just seemed like it made sense to be doing it...
I wonder if it could be part of the "administrative" costs that I can charge etc... but anyway it is just taking from myself so what is the point... other than there is a marginal gain thanks to the lower tax rate on those dollars...
Click to expand...


:lol: mate - you're in for a massive letdown...

Super is simply a disguised tax - and if you're currently Gen X or Y you'll probably never see one cent of your "super" :lol:
 
In your personal expenses you can claim a travel expense per km to visit investment properties. After all this is a cost of managing your investment.

But given this is superannuation, that won't work, in my opinion. You could make a payment for the travel out of the credit card of the fund, but then you'd probably fall foul of the rule of no personal benefit from the fund. You could conceivably face still penalties.

If we approach this from another angle: In your personal expenses you can claim the km travelled because this is your own car used in the process of gaining assessable income. Given all assets of the fund must be held for investment and meet the sole purpose test, you won't have a regular car in the fund. If you had your agent or accountant drive the funds' investment 1929 Bugatti to the bank you could claim km on that (in my opinion). But it would be a pretty ballsy auditor to allow such a deduction.

Short answer no, long answer no.

If you paid Brinks to take your PM to the vault with the credit card or a cheque from the fund, that's a different story.

(My answer is in no way financial advice and is opinion only)
 
I got written advice from my accountant about claiming airfares to visit a farm in my SMSF.I'm advised that it maybe OK however I could not get a definitive recommendation off her.My take on that is that it maybe better to be conservative and not try and claim.

Maybe a call to the ATO? I haven't bothered to date as the costs are small and I didn't want the risk.
 
You must log in or register to reply here.
Back
Top