Not all self-managed super costs are tax deductions

Not all the costs of setting up a personal superannuation scheme may be tax deductions. The Federal Court ruled that a $50,000 tax deduction claimed by one businessman back in 1999 was a capital cost, and not a cost of advice for managing tax affairs. As a result, the expense is not a tax deduction. The expense related to the formation of a self-managed non-complying super fund in 1999.

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