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SMSF - Claiming Subscription

Discussion in 'Superannuation, SMSF & Personal Insurance' started by maviblue, 15th Mar, 2010.

  1. maviblue

    maviblue New Member

    Joined:
    15th Mar, 2010
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    Location:
    Brisbane, QLD
    Hello. I have just setup a SMSF, and am wondering... can the fund pay for subscriptions such as IntelligentInvestor.com.au or Morningstar out of its own funds legitimately? These are online subscriptions which help to educate and assist with selecting investments... so should meet TR 93/17 ("investment adviser fees and costs in providing pre-retirement services to members") :confused:
    Or at the least are "incurred in the course of earning income" by helping select investments?
    I've been searching Google for the last 2 hours and haven't found anything definitive. I know I should go see a tax accountant... but I'd rather do my research thoroughly first :)

    Anybody know?
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Location:
    Sydney, Australia
    I'm not an accountant or tax advisor, but I would generally consider these subscriptions to be acceptable things for the SMSF to pay for.

    I think it is reasonable (even desirable), for the operators of the SMSF to educate themselves for the benefit of the fund, and for the fund to pay the subscription costs.

    Naturally, you will want to get some advice on this. I haven't yet been in this situation with my SMSF, but it's something I should look at.
     
  3. maviblue

    maviblue New Member

    Joined:
    15th Mar, 2010
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    Location:
    Brisbane, QLD
    Thanks Sim

    Thanks Sim
    I'll see advice from an accountant... and am currently looking at such services online. I've approached Tax Services Australia - Welcome - Sydney to see how much their services are. When I get an answer on the SMSF question I'll report back here.
     
  4. Billv

    Billv Getting there

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    Location:
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    I'm not an accountant either but IMO your SMSF can claim such subscriptions.

    At the end of the day though, you'll need to get your accountant and your SMSF auditor to agree so get their opinion on this before you do it.
     
  5. Superman

    Superman Well-Known Member

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    6th Nov, 2007
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    Location:
    Gold Coast, QLD
    It won't be a drama.

    Provided there is a direct connection between the subscription and the income the SMSF generates you should be OK.

    I am an accountant and I don't see the auditor having any drama with it either.

    Just make sure you use the information wisely and make some money!

    SM